Foreign Acquisitions and Takeovers Act 1975

PART 5 - OFFENCES AND CIVIL PENALTIES  

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History

Pt 5 inserted by No 150 of 2015, s 3, Sch 1[4] (effective 1 December 2015).

For application and transitional provisions by No 150 of 2015, Sch 3, see Transitional Information under this Act.

Division 2 - Offences  

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Div 2 inserted by No 150 of 2015, s 3, Sch 1[4] (effective 1 December 2015).

For application and transitional provisions by No 150 of 2015, Sch 3, see Transitional Information under this Act.

SECTION 88   FAILING TO ADVERTISE NEW DWELLINGS  

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88(1)    

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A person (the developer ) commits an offence if:

(a)    the developer is specified in an exemption certificate given under section 57 in relation to an interest in Australian land on which a new dwelling will be, is being or has been built; and

(b)    the developer disposes of an interest in the dwelling to a foreign person; and

(c)    the certificate includes a condition requiring the sale of the dwelling to be advertised (however described) in Australia; and

(d)    at the time the foreign person acquires the interest, the dwelling has not been advertised in accordance with the condition.

Penalty: Imprisonment for 10 years, or 30,000 penalty units (or 300,000 penalty units if the developer is a corporation), or both.

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History

S 88(1) amended by No 75 of 2022, s 3, Sch 1[1] and [ 2] (applicable in relation to: (a) a contravention of subsection 95(1) of the Foreign Acquisitions and Takeovers Act 1975 that: (i) started before 1 January 2023 and did not end before 1 January 2023; or (ii) starts on or after 1 January 2023; or (b) a contravention of any other provision of that Act committed on or after 1 January 2023.).

S 88(1) amended by No 114 of 2020, s 3, Sch 2[7] (effective 1 January 2021).

For application and transitional provisions by No 114 of 2020, Sch 2 Pt 2, see Transitional Information under this Act.

88(2)    
Paragraph (1)(c) does not limit where the sale of a new dwelling may otherwise be advertised.

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History

S 88 inserted by No 150 of 2015, s 3, Sch 1[4].

For application and transitional provisions by No 150 of 2015, Sch 3, see Transitional Information under this Act.

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