Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2024 (17 of 2024)

Schedule 2   Amendments of the regulations

Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020

26   At the end of section 33

Add:

Adjusted maximum fee for certificates that cover established dwellings

(4) For the purposes of subparagraph (2)(b)(ii), work out the amount using the following formula, rounding the result down to the nearest multiple of $100:

where:

established dwellings fee means the sum of the amounts worked out under column 2 of item 1A of the table in subsection (3) for each action to be covered by the certificate that is an action to acquire an interest in residential land on which there is at least one established dwelling.

maximum fee (other than for established dwellings) means the amount in paragraph (b) of column 2 of item 2 of the table in section 10.

percentage of established dwellings maximum fee not charged means the percentage worked out by:

(a) expressing the established dwellings fee calculated under the definition in this subsection as a percentage of the amount that is 3 times the amount in paragraph (b) of column 2 of item 2 of the table in section 10; and

(b) subtracting the result of paragraph (a) of this definition from 100%.

Note: The amount in paragraph (b) of column 2 of item 2 of the table in section 10 is subject to indexation.