Foreign Acquisitions and Takeovers Act 1975

PART 5 - OFFENCES AND CIVIL PENALTIES  

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Division 3 - Civil penalties  

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Subdivision C - Civil penalties relating to residential land  

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SECTION 96   CONTRAVENING CONDITIONS IN RELATION TO RESIDENTIAL LAND  

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Conditions in no objection notifications

96(1)    
A person who is given a no objection notification under section 74 (no objection notification imposing conditions) relating to a residential land acquisition must not contravene a condition (except a condition mentioned in section 97 ) specified in the notification.

Note: Examples of conditions that may be included in a no objection notification under section 74 are:

  • (a) a condition requiring a temporary resident to sell an established dwelling when the dwelling ceases to be the temporary resident ' s principal place of residence; and
  • (b) a condition prohibiting a temporary resident from leasing an established dwelling; and
  • (c) a condition requiring a purchaser of vacant land to begin to build a dwelling before a particular time.



    • Conditions in notice imposing conditions

    96(1A)    

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    A person who is given a notice imposing conditions relating to a residential land acquisition must not contravene a condition (except a condition mentioned in section 97 ) specified in the notice.
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    Conditions in exemption certificates

    96(2)    
    A person who is specified in an exemption certificate relating to an interest in residential land must not contravene a condition (other than a condition mentioned in section 97 ) specified in the certificate.

    Civil penalty provisions

    96(3)    

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    A person who contravenes subsection (1) , (1A) or (2) is liable to a civil penalty.
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    96(4)    
    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 acquisition of that interest;

    (c)    

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    50% of the market value of that interest.

    Note: For how to work out the capital gain, see section 98 .
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