Foreign Acquisitions and Takeovers Amendment (Exemptions and Other Measures) Regulations 2017 (F2017L00811)

Schedule 2   Exemption certificates

Foreign Acquisitions and Takeovers Regulation 2015

6   At the end of Division 4 of Part 3

Add:

43A Exemption certificates for residential land (near-new dwelling interests)

(1) A person may apply for a certificate under this section (a residential land (near-new dwelling interests) certificate ) if:

(a) the person has acquired, or will acquire, an interest in Australian land; and

(b) the person has built, or proposes to build, new dwellings on that land; and

(c) some or all of the interests in those dwellings are, or may become, near-new dwelling interests; and

(d) the person proposes to dispose of the near - new dwelling interests to foreign persons.

Note: See also Part 6 (fees) and section 135 (manner of notification and application) of the Act.

(2) The Treasurer may give a certificate if the Treasurer is satisfied that the disposal of the near-new dwelling interests to foreign persons is not contrary to the national interest.

(3) The certificate must specify:

(a) the person (who may not yet be incorporated or established) to whom the certificate relates; and

(b) that the certificate covers interests that are, or could be, near-new dwelling interests.

Note: For other things that the certificate may specify, see section 60 of the Act.

(4) For the purposes of subsections 45(3) and 49(2) of the Act, an action is not a significant action or a notifiable action if:

(a) the action is a foreign person acquiring a near-new dwelling interest; and

(b) the acquisition was from a person (the specified person ) who was specified in a residential land (near-new dwelling interests) certificate; and

(c) the interest is specified in the certificate; and

(d) the specified person provided the foreign person with a copy of that certificate before the foreign person acquired the interest; and

(e) either:

(i) the conditions (if any) specified in the certificate were met; or

(ii) the foreign person is not, at the time of the action, aware that one or more of the conditions specified in the certificate have not been met.

43B Exemption certificates for residential land (other than established dwellings)

(1) A foreign person may apply for a certificate under this section (a residential land (other than established dwellings) certificate )if the foreign person or any other foreign person proposes to acquire only one of the following:

(a) an interest in a new dwelling;

(b) a near-new dwelling interest;

(c) an interest in vacant residential land.

Note: See also Part 6 (fees) and section 135 (manner of notification and application) of the Act.

(2) The Treasurer may give a certificate if the Treasurer is satisfied that the acquisition of those kinds of interests by that foreign person is not contrary to the national interest.

(3) The certificate must specify:

(a) the person to whom the certificate relates; and

(b) the kind of interest to which the certificate relates.

Note: For other things that the certificate may specify, see section 60 of the Act.

(4) For the purposes of subsections 45(3) and 49(2) of the Act, an action is not a significant action or a notifiable action if:

(a) the action is an acquisition by a foreign person of an interest in Australian land; and

(b) the foreign person is specified in a residential land (other than established dwellings) certificate; and

(c) the interest is of the 3 kinds specified in the certificate; and

(d) the conditions (if any) specified in the certificate are met.