Do not delete : Schedule Part placeholder

(regulation 3)

[1] Regulation 1

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1 Name of Regulations

These Regulations are the Foreign Acquisitions and Takeovers Regulations 1989.

[2] Regulation 2, after definition of foreign person

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spouse, in relation to a person, includes another person who, although not legally married to the person, lives with the person on a bona fide domestic basis as the husband or wife of the person.

[3] Subparagraph 3 (e) (i)

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constructed;

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constructed; and

[4] After subparagraph 3 (e) (ii)

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(iia) the conditions (if any) set out in the certificate are satisfied; and

[5] Subparagraph 3 (p) (i)

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(i) the land is non-residential commercial land valued at:

(A) for land the whole or part of which is entered in the Register of the National Estate — less than $5,000,000; and

(B) in any other case — less than $50,000,000; and

[6] Paragraphs 3 (q) and (r)

substitute

(q) where the acquisition is of an interest in land that is zoned as residential property and the person:

(i) is, at the time of acquisition, the holder of a permanent visa within the meaning of the Migration Act 1958; or

(ii) is, at the time of acquisition, the holder of a special category visa within the meaning of that Act; or

(iii) if he or she had entered Australia lawfully immediately before the time of acquisition, would have been entitled to the grant, on presentation of a passport, of a special category visa within the meaning of that Act; or

(iv) is an Australian corporation that is a foreign person only because of a direct interest held in it by a person to whom subparagraph (i), (ii) or (iii) applies; or

(v) is the trustee of a trust estate, where the trustee is a foreign person only because of a direct interest held in the trust estate by a person to whom subparagraph (i), (ii) or (iii) applies;

(r) if:

(i) the acquisition is of an interest in land on which a dwelling exists that is, or may be, used for residential purposes, other than land that is part of a subdivided building in which hotel services are provided; and

(ii) the Treasurer has certified that the sale of an interest of that kind to foreign persons is not contrary to the national interest; and

(iii) the conditions (if any) set out in the certificate are satisfied; and

(iv) the person who intends to dispose of the interest gives the foreign person a copy of the certificate;

(s) if:

(i) the acquisition is of an interest in land that is, or would be, part of a subdivided building:

(A) that exists or may be constructed; and

(B) in which hotel services are, or would be, provided; and

(ii) the Treasurer has certified that the sale of an interest of that kind to foreign persons is not contrary to the national interest; and

(iii) the conditions (if any) set out in the certificate are satisfied; and

(iv) the person who intends to dispose of the interest gives the foreign person a copy of the certificate;

(t) where the acquisition is of an interest in land that is zoned as residential property and:

(i) the person is the spouse of an Australian citizen; and

(ii) the interest is held by the person and his or her spouse as joint tenants;

(u) that is the responsible entity of a managed investment scheme registered under section 601EB of the Corporations Law and the acquisition is primarily for the benefit of scheme members ordinarily resident in Australia.

[7] After regulation 3

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4 Prescribed corporations — value of assets of foreign corporation

(1) For paragraph 13 (1) (d) of the Act, the amount of $50,000,000 is prescribed.

(2) For paragraph 13 (1) (e) of the Act, the amount of $50,000,000 is prescribed.

5 Exempt dealings — value of assets

(1) For subparagraph (b) (i) of the definition of exempt corporation in subsection 13A (4) of the Act, the amount of $50,000,000 is prescribed.

(2) For subparagraph (b) (ii) of the definition of exempt corporation in subsection 13A (4) of the Act, the amount of $50,000,000 is prescribed.

(3) For paragraph (a) of the definition of exempt business in subsection 13A (4) of the Act, the amount of $50,000,000 is prescribed.

(4) For paragraph (b) of the definition of exempt business in subsection 13A (4) of the Act, the amount of $50,000,000 is prescribed.