Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Act 2019 (126 of 2019)

Schedule 1   Near-new dwelling interests

Part 2   Application and transitional provisions

6   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 theForeign Acquisitions Act, as amended by Part 1 of Schedule 3 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019.

(4) Subsection 6(5) of the Foreign Acquisitions and Takeovers Fees Imposition Act 2015, 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 the Foreign Acquisitions Act).