Foreign Acquisitions and Takeovers Legislation Amendment Regulations 2009 (No. 1)1

Select Legislative Instrument 2009 No. 53

I, PROFESSOR MARIE BASHIR, AC, CVO, Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Foreign Acquisitions and Takeovers Act 1975.

Dated 27 March 2009

MARIE BASHIR

Administrator

By Her Excellency’s Command

CHRIS BOWEN

Assistant Treasurer

Contents

 1 Name of Regulations 

 2 Commencement 

 3 Amendment of Foreign Acquisitions and Takeovers Regulations 1989

 4 Amendment of Foreign Acquisitions and Takeovers Regulations 1989

 5 Amendment of Foreign Acquisitions and Takeovers (Notices) Regulations             

Schedule 1 Amendment of Foreign Acquisitions and Takeovers Regulations 1989 taken to have commenced on 2 December 2006             

Schedule 2 Amendments of Foreign Acquisitions and Takeovers Regulations 1989 commencing on day after registration             

Schedule 3 Amendments of Foreign Acquisitions and Takeovers (Notices) Regulations commencing on day after registration             

1 Name of Regulations

  These Regulations are the Foreign Acquisitions and Takeovers Legislation Amendment Regulations 2009 (No. 1).

2 Commencement

  These Regulations commence, or are taken to have commenced, as follows:

 (a) on 2 December 2006 — regulations 1 to 3 and Schedule 1;

 (b) on the day after they are registered — regulations 4 and 5 and Schedules 2 and 3.

3 Amendment of Foreign Acquisitions and Takeovers Regulations 1989

  Schedule 1 amends the Foreign Acquisitions and Takeovers Regulations 1989.

4 Amendment of Foreign Acquisitions and Takeovers Regulations 1989

 (1) Schedule 2 amends the Foreign Acquisitions and Takeovers Regulations 1989.

 (2) The amendment made by item 6 of Schedule 2 applies in relation to a contract for the acquisition of an interest in land that was entered into on or after 18 December 2008.

5 Amendment of Foreign Acquisitions and Takeovers (Notices) Regulations

  Schedule 3 amends the Foreign Acquisitions and Takeovers (Notices) Regulations.

Schedule 1 Amendment of Foreign Acquisitions and Takeovers Regulations 1989 taken to have commenced on 2 December 2006

(regulation 3)

[1] Regulation 6, table, item 2, column 3

omit

$100 000 000

insert

$200 000 000

Schedule 2 Amendments of Foreign Acquisitions and Takeovers Regulations 1989 commencing on day after registration

(regulation 4)

[1] Regulation 2, definition of accommodation facility

omit

[2] Regulation 2, after definition of spouse

insert

temporary resident means a person:

 (a) who resides in Australia; and

 (b) who is the holder of a temporary visa within the meaning of the Migration Act 1958; and

 (c) to whom one of the following circumstances applies:

 (i) if the person holds a bridging visa — the person has applied for a permanent visa under that Act and the application has not been withdrawn or otherwise finally determined;

 (ii) if the person holds any other temporary visa — the visa permits the person to remain in Australia for a continuous period of more than 12 months.

[3] Paragraph 3 (p)

substitute

 (p) if:

 (i) the acquisition is of an interest:

 (A) in non-residential commercial land; or

 (B) in land that comprises a hotel, motel, hostel or guesthouse, or an individual dwelling that is part of a hotel, motel, hostel or guesthouse; and

 (ii) the land is valued at:

 (A) for land which is being acquired by a prescribed foreign investor — less than:

 (I) for the calendar year 2009 — $953 000 000; or

 (II) for any later calendar year — the amount worked out under regulation 13; and

 (B) for land the whole or part of which is entered in the Register of the National Estate and the interest is being acquired by a foreign person other than a prescribed foreign investor — less than $5 000 000; and

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

 (iii) the land is not vacant land;

[4] Paragraph 3 (s)

omit

[5] Sub-subparagraph 3 (v) (iv) (B)

omit

that interest.

insert

that interest;

[6] After paragraph 3 (v)

insert

 (w) if:

 (i) the foreign person is:

 (A) a temporary resident; or

 (B) an Australian corporation that is a foreign person only because of a direct interest held in it by a person referred to in sub‑subparagraph (i) (A); or

 (C) the trustee of a trust estate, where the trustee is a foreign person only because of a direct interest held in the trust by a person referred to in sub-subparagraph (i) (A); and

 (ii) the acquisition is of an interest in land that is zoned as residential property, and one or more of the following circumstances apply:

 (A) the acquisition is of a single residential block of vacant land that is zoned to permit the construction of no more than one residential dwelling on the block and the person does not have an interest in any vacant land adjacent to the land to be acquired;

 (B) the acquisition is of an interest in land on which a single established residential dwelling exists that is to be used as the person’s principal place of residence;

 (C) the acquisition is of an interest in land on which a new residential dwelling exists.

Schedule 3 Amendments of Foreign Acquisitions and Takeovers (Notices) Regulations commencing on day after registration

(regulation 5)

[1] Regulation 1

substitute

1 Name of Regulations

  These Regulations are the Foreign Acquisitions and Takeovers (Notices) Regulations 1975.

[2] Subregulation 4 (3)

substitute

 (3) The prescribed form of notice under section 26A of the Act is:

 (a) unless paragraph (b) applies — Form 3 in the Schedule; and

 (b) if a natural person acquires an interest in Australian residential land — Form 4 in the Schedule.

[3] Paragraph 6 (b)

omit

or 26A

[4] Regulation 6, at the foot

insert

Note   See section 27 of the Act for compliance with forms.

[5] Regulation 8

omit each mention of

25, 26 or 26A

insert

25 or 26

[6] Regulation 8, at the foot

insert

Note   See section 27 of the Act for compliance with forms.

[7] Schedule, Forms 1 and 2

omit each mention of

Foreign Acquisitions and Takeovers (Notices) Regulations

insert

Foreign Acquisitions and Takeovers (Notices) Regulations 1975

[8] Schedule, Form 3, General Directions, items 1 to 3

substitute

 1. Do not use this Notice for acquisitions of an interest in Australian residential land by a natural person. Such acquisitions are to be notified on Form 4.

 2. The person providing this Notice must attach to the Notice such documents in the person’s possession or control relating to or evidencing the agreement or arrangement to which the Notice relates.

 3. Where the space provided in this Notice is insufficient to insert the required information, provide the additional information in a separate attachment to this Notice.

 4. If this Notice is provided by a natural person, it must be signed:

 (a) if the person is not ordinarily resident in Australia — by that person or by his or her Australian agent; or

 (b) in any other case — by the person furnishing the Notice.

 5. If this Notice is provided by a corporation, it must be signed by a person authorised in writing by the corporation to sign the Notice for and on behalf of the corporation.

[9] Schedule, after Form 3

insert

Form 4 Notice under section 26A

(paragraph 4 (3) (b))

Foreign Acquisitions and Takeovers Act 1975

NOTICE UNDER SECTION 26A

General Directions

1. All foreign persons acquiring an interest in Australian residential land in individual name(s) must complete and sign this Notice. Do not include persons who are not required to furnish a Notice under section 26A — refer to regulation 3 of the Foreign Acquisitions and Takeovers Regulations 1989 for details of exempt acquisitions.
2. Do not use this Notice for other acquisitions such as:

• acquisitions of residential land that is being acquired in the name of a company or trust; or
• acquisitions of non-residential land.

Such acquisitions are to be notified on Form 3.

3.         Where the space provided in this Notice is insufficient to insert the required information, provide the additional information in a separate attachment to this Notice.

4.        This Notice must be signed by all foreign purchaser(s), or their Australian agent (as described in Part D of this Notice).

Part A. Foreign purchaser(s)

 1. Provide details of all foreign purchaser(s).  If more than two, please submit additional Notice(s) as required.

Purchaser 1

Family name................................................

Given names................................................

Date of birth (DD/MM/YYYY)................................................

Nationality.................................................

Passport number.............................................

Expiry date.................................................

Name on passport (if different from above)........................

Current address..............................................

..........................................................

Phone (office hours)..........................................

Phone (after hours)...........................................

Phone (mobile)..............................................

Fax.......................................................

Email......................................................

Purchaser 2

Family name................................................

Given names................................................

Date of birth (DD/MM/YYYY)................................................

Nationality.................................................

Passport number.............................................

Expiry date.................................................

Name on passport (if different from above)........................

Current address..............................................

..........................................................

Phone (office hours)..........................................

Phone (after hours)...........................................

Phone (mobile)..............................................

Fax.......................................................

Email......................................................

Part B. Other Australian property holdings

 2. Do any of the foreign purchasers in Part A currently own Australian property?

 No 

 Yes  Property address and/or FIRB reference number

..........................................................             

 3. Have any of the foreign purchasers in Part A submitted other foreign investment applications?

 No 

 Yes  Property address and/or FIRB reference number

..........................................................             

Part C. Property details

 4. Street address of the residential land being purchased

..........................................................             

..........................................................             

 5. Land title details (if available)

Lot and plan.............................................

Volume and folio.........................................

Other ................................................

 6. Expected purchase price of the property...................

 7. Are you purchasing the property at auction?

 No 

 Yes  Date of auction (DD/MM/YYYY) ………………………………………………………

Part D. Australian agent (if applicable)

 8. Provide details of any person you authorise to act on your behalf in submitting this Notice (such as a solicitor, conveyancer, real estate agent, family member or friend). All correspondence will be sent to that person, including the decision letter.

Family name................................................

Given names................................................

Company (if applicable).......................................

Address for correspondence....................................

..........................................................

Phone (office hours)..........................................

Phone (after hours)...........................................

Phone (mobile)..............................................

Fax.......................................................

Email......................................................

Part E. Notice under section 26A

 9. I/We submit this notice under section 26A of the Act and I/we confirm that:

• I/we intend to acquire an interest in the residential land described in Part C;
• the acquisition is not exempt under the Foreign Acquisitions and Takeovers Regulations 1989;
• I/we have not entered an unconditional contract/agreement to acquire the land;
• the information provided in this Notice, and in any attachments, is complete and correct;
• I/we understand that it is a criminal offence subject to prosecution and possible fines and/or imprisonment to provide false or misleading information; and
• I/we consent to the Department of the Treasury accessing information about me/us held by other government departments or agencies (for example, the Australian Federal Police or the Department of Immigration and Citizenship).

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.