Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019 (129 of 2019)

Schedule 3   Near-new dwelling interests

Part 2   Application and transitional provisions

12   Transitional - certificate given before commencement

(1) This item applies in relation to a near-new dwelling acquisition if the acquisition:

(a) occurred on or after 1 July 2017; and

(b) is covered by a residential land (near-new dwelling interests) certificate that was given to a person (the developer ) before the day this item commenced.

(2) The transitional fee period is the period:

(a) starting immediately after the developer was given the certificate; and

(b) ending at the end of the first reporting period that ends after 30 days following the day this item commenced.

(3) A reporting period is a 6 month period for the developer, within the meaning of subsection 113(3) of the Foreign Acquisitions and Takeovers Act 1975, as amended by Part 1 of this Schedule.

(4) Paragraph (b) of item 1 of the table in subsection 113(1) of the Foreign Acquisitions and Takeovers Act 1975, as amended by Part 1 of this Schedule, has effect as if the paragraph required the developer to pay a fee in relation to the certificate at the end of the transitional fee period.

(5) Subsection 113(2A) of the Foreign Acquisitions and Takeovers Act 1975, as amended by Part 1 of this Schedule, has effect as if the reference in that subsection to a 6 month period were a reference to the transitional fee period or any subsequent 6 month period (disregarding the definition of 6 month period in subsection 113(3) of that Act).