Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (114 of 2020)

Schedule 3   Register of Foreign Ownership of Australian Assets

Part 4   Transitional provisions

24   Transitional rules

(1) The Treasurer may, by legislative instrument, make rules:

(a) providing for information obtained in accordance with the Act, or contained in the Register of Foreign Ownership of Agricultural Land or Register of Foreign Ownership of Water Entitlements, before the Register commencement day to be included in the Register; and

(b) requiring the Treasurer, the Secretary or the Commissioner of Taxation to cause such information to be given to the Registrar; and

(c) providing for a registered circumstance to be taken to exist for the purposes of that Act in relation to a foreign person in circumstances (relating to transitional matters) specified in the rules; and

(d) providing for the circumstances in which such registered circumstances cease; and

(e) requiring the Registrar, in cases specified in the rules, to give a written notice to a person to whom a registered circumstance arising under the rules relates; and

(f) prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the repeal of the old Register Act.

(2) Rules under subitem (1) may only be made before the day 12 months after the Register commencement day (but may continue to apply on and after that day, and may be revoked by the Treasurer, by legislative instrument, before, on or after that day).

(3) A disclosure of information under rules made for the purposes of paragraph (1)(b) of this item is taken to be authorised by Part 7 of the Act.

(4) A registered circumstance provided for by a rule made for the purposes of paragraph (1)(c) must begin to apply:

(a) on or after the later of:

(i) the commencement of the rule; and

(ii) the Register commencement day; and

(b) no later than 12 months after the Register commencement day.

(5) To avoid doubt, the inclusion of information in the Register under the rules does not result in there being a registered circumstance in relation to a person, other than as provided for by:

(a) another provision of this Part; or

(b) rules made for the purposes of paragraph (1)(c) of this item.

(6) Section 135A (service of notices and other documents on persons who cannot be found, or who are not in Australia) of the Act applies to a notice under rules made for the purposes of paragraph (1)(e) of this item in the same way as it applies to a notice under the Act, except that a reference in that section to the Secretary, the Treasurer or the Commissioner of Taxation includes a reference to the Registrar.

(7) To avoid doubt, rules made under subitem (1) may not do the following:

(a) create an offence or civil penalty;

(b) provide powers of:

(i) arrest or detention; or

(ii) entry, search or seizure;

(c) impose a tax;

(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

(e) directly amend the text of an Act.