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

41   At the end of section 51

Add:

(5) However, if the dominant kind of relevant land is residential land, and one or more of the actions in the action group involves acquiring an interest in residential land on which there is at least one established dwelling, then, despite paragraph (3)(c), the amount worked out under this section is worked out by:

(a) starting with the fee that would otherwise apply under this instrument for a single land action:

(i) involving an acquisition of an interest in residential land on which there is at least one established dwelling; and

(ii) for which the value of the consideration was equal to the sum of the values of the consideration for each of the land actions that is an action to acquire an interest in residential land on which there is at least one established dwelling; and

(b) adding the fee that would otherwise apply under this instrument for a single land action:

(i) involving an acquisition of an interest in residential land on which there are no established dwellings; and

(ii) for which the value of the consideration was equal to the sum of the values of the consideration for each of the land actions that is not an action to acquire an interest in residential land on which there is at least one established dwelling; and

(c) if the result of paragraph (b) of this subsection exceeds the amount that would be worked out using the formula in subsection 33(4) if the definition of established dwelling fee in that subsection were instead the amount worked out under paragraph (a) of this subsection, subtracting the excess.