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 3 - Civil penalties  

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History

Div 3 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.

Subdivision C - Civil penalties relating to residential land  

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History

Subdiv C 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 95A   TAKING ACTION WHILE PROHIBITED BY THIS ACT  

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95A(1)    
A person must not take an action relating to a residential land acquisition when prohibited by paragraph 79A(3)(b) or subsection 79A(4) .

95A(2)    
A person who contravenes subsection (1) is liable to a civil penalty.

Penalty

95A(3)    
The maximum penalty for the contravention is the greatest of the following:

(a)    

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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)    

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50% of the consideration for the residential land acquisition;

(c)    

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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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History

S 95A amended by No 75 of 2022, s 3, Sch 1[7] and [ 8] (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 95A inserted by No 114 of 2020, s 3, Sch 1[176] (effective 1 January 2021).

For application and transitional provisions by No 114 of 2020, Sch 1 items 227 to 250, see Transitional Information under this Act.

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