Foreign Acquisitions and Takeovers Act 1975
View history note
Hide history noteA foreign person who proposes to take a notifiable action or notifiable national security action that is a residential land acquisition must not take the action if the foreign person has not given a notice relating to the action under section 81 .
Note: If a person takes an action by entering an agreement, the action is not taken until the agreement is binding on the person (see subsections 15(4) and (5) ).
94(2)
If: (a) a foreign person gives a notice to the Treasurer stating that any of the following actions are proposed to be taken:
(i) a significant action (including a significant action that is a notifiable action) that is a residential land acquisition;
(ii) a notifiable national security action that is a residential land acquisition;
(b) both:
(iii) a reviewable national security action that is a residential land acquisition; or
(i) a foreign person proposes to take an action that is a residential land acquisition; and
(ii) the Treasurer has given a notice under subsection 66A(4) in relation to the action;
the foreign person must not take the action before the day mentioned in section 82 .
94(3)
A person who contravenes subsection (1) or (2) is liable to a civil penalty.
Penalty
94(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 residential land acquisition; (c) 50% of the market value of the interest in the relevant residential land.
Note 1: Consideration is defined by the regulations (see section 4 ).
Note 2: For how to work out the capital gain, see section 98 .
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