Foreign Acquisitions and Takeovers Act 1975

PART 5 - OFFENCES AND CIVIL PENALTIES  

Division 3 - Civil penalties  

Subdivision C - Civil penalties relating to residential land  

SECTION 96   CONTRAVENING CONDITIONS IN RELATION TO RESIDENTIAL LAND  

Conditions in no objection notifications

96(1)    
A person who is given a no objection notification under section 74 (no objection notification imposing conditions) relating to a residential land acquisition must not contravene a condition (except a condition mentioned in section 97 ) specified in the notification.

Note: Examples of conditions that may be included in a no objection notification under section 74 are:

(a) a condition requiring a temporary resident to sell an established dwelling when the dwelling ceases to be the temporary resident ' s principal place of residence; and

(b) a condition prohibiting a temporary resident from leasing an established dwelling; and

(c) a condition requiring a purchaser of vacant land to begin to build a dwelling before a particular time.

Conditions in notice imposing conditions

96(1A)    

A person who is given a notice imposing conditions relating to a residential land acquisition must not contravene a condition (except a condition mentioned in section 97 ) specified in the notice.

Conditions in exemption certificates

96(2)    
A person who is specified in an exemption certificate relating to an interest in residential land must not contravene a condition (other than a condition mentioned in section 97 ) specified in the certificate.

Civil penalty provisions

96(3)    

A person who contravenes subsection (1) , (1A) or (2) is liable to a civil penalty.

96(4)    
The maximum penalty for the contravention is the greatest of the following:

(a)    

double the amount of the capital gain that was made or would be made on the disposal of the interest in the relevant residential land;

(b)    

50% of the consideration for the acquisition of that interest;

(c)    

50% of the market value of that interest.

Note: For how to work out the capital gain, see section 98 .