Foreign Acquisitions and Takeovers Act 1975
PART 5
-
OFFENCES AND CIVIL PENALTIES
Division 3
-
Civil penalties
Subdivision E
-
Miscellaneous
SECTION 98F
CIVIL PENALTY AMOUNTS FOR PENALTY PROVISION BASED ON VALUE
98F(1)
For the purpose of working out the maximum penalty for a contravention of a civil penalty provision, the amount under this section for an action is 75% of the amount determined under subsection (3) for the action.
98F(2)
For the purposes of subsection (1), if the relevant civil penalty provision is subsection 98B(1) , treat the amount determined under subsection (3) of this section for the action as being the sum of the amounts, determined under subsection (3) of this section, for each of the core Part 3 actions mentioned in subparagraph 98B(1)(b)(ii) .
98F(3)
For the purposes of subsection (1), the amount for the action is: (a) the value for the action worked out under the following table; or (b) if no item of the table applies to the action:
98F(4)
In applying the table in subsection (3), disregard the effect of any exemption certificate.
98F(5)
If the action is covered by more than one item of the table in subsection (3), treat the value of the action worked out according to that table as being the greatest of the amounts worked out under those items.
98F(6)
For the purposes of this section: (a) if there is no consideration for a thing - treat the value of the consideration for the thing as nil; and (b) if the market value of a thing cannot be ascertained - treat the market value of the thing as nil.
View history note
Hide history noteFor the purpose of working out the maximum penalty for a contravention of a civil penalty provision, the amount under this section for an action is 75% of the amount determined under subsection (3) for the action.
98F(2)
For the purposes of subsection (1), if the relevant civil penalty provision is subsection 98B(1) , treat the amount determined under subsection (3) of this section for the action as being the sum of the amounts, determined under subsection (3) of this section, for each of the core Part 3 actions mentioned in subparagraph 98B(1)(b)(ii) .
98F(3)
For the purposes of subsection (1), the amount for the action is: (a) the value for the action worked out under the following table; or (b) if no item of the table applies to the action:
(i) where the action is an acquisition - the value of the consideration for the acquisition; or
(ii) otherwise - the market value of the benefit obtained by the action.
| Amount for actions | |||
| Item | Item For this kind of action … | that is mentioned in any of these provisions … | the amount is … |
| 1 | an acquisition of a direct interest in an entity or a business | paragraph
40(2)(a)
(significant action)
paragraph 47(2)(a) (notifiable action) paragraph 55B(1)(b) or (c) (notifiable national security action) |
the greater of the following: |
| (a) | the value of the consideration for the acquisition; | ||
| (b) | the market value of the direct interest. | ||
| 2 | an acquisition of an interest of any percentage in an entity or a business | paragraph 55D(1)(a) or subparagraph 55E(1)(a)(i) (reviewable national security action) | the greater of the following: |
| (a) | the value of the consideration for the acquisition; | ||
| (b) | the market value of the interest. | ||
| 3 | an acquisition of a substantial interest in an Australian entity | paragraph 47(2)(b) (notifiable action) | the greater of the following: |
| (a) | the value of the consideration for the acquisition; | ||
| (b) | the market value of the substantial interest. | ||
| 4 | an acquisition of interests in securities in an entity | paragraph 40(2)(b) (significant action) | the greater of the following: |
| (a) | the value of the consideration for the acquisition; | ||
| (b) | the market value of the interests. | ||
| 5 | an issue of securities in an entity | paragraph
40(2)(c)
(significant action)
subparagraph 55D(2)(a)(i) (reviewable national security action) |
the greater of the following: |
| (a) | the value of the consideration for the issue; | ||
| (b) | the market value of the securities. | ||
| 6 | entering into an agreement | paragraph
40(2)(d)
(significant action)
subparagraph 55D(2)(a)(ii) (reviewable national security action) |
the greater of the following: |
| (a) | the value of the consideration for the entering into the agreement; | ||
| (b) | the market value of the benefit obtained by the entering into the agreement. | ||
| 7 | an alteration of a constituent document of an entity | paragraph
40(2)(e)
(significant action)
subparagraph 55D(2)(a)(iii) (reviewable national security action) |
the greater of the following: |
| (a) | the value of the consideration for the alteration; | ||
| (b) | the market value of the benefit obtained by the alteration. | ||
| 8 | an acquisition of a direct interest in an Australian business that is an agribusiness | paragraph 41(2)(a) (significant action) | the greater of the following: |
| (a) | the value of the consideration for the acquisition; | ||
| (b) | the market value of the direct interest. | ||
| 9 | an acquisition of interests in assets | paragraph
41(2)(b)
(significant action)
subparagraph 55E(1)(a)(ii) (reviewable national security action) |
the greater of the following: |
| (a) | the value of the consideration for the acquisition; | ||
| (b) | the market value of the interests. | ||
| 10 | entering into or terminating a significant agreement with an Australian business | paragraph
41(2)(c)
(significant action)
subparagraph 55E(1)(a)(ii) (reviewable national security action) |
the greater of the following: |
| (a) | the value of the consideration for the entering into or terminating of the significant agreement; | ||
| (b) | the market value of the benefit obtained by the entering into or terminating of the significant agreement. | ||
| 11 | an acquisition of an interest in Australian land | section
43
(significant action)
paragraph 47(2)(c) (notifiable action) paragraph 55B(1)(d) (notifiable national security action) section 55F (reviewable national security action) |
the greater of the following: |
| (a) | the value of the consideration for the acquisition; | ||
| (b) | the market value of the interest. | ||
| 12 | starting a business | paragraph 55B(1)(a) (notifiable national security action) | the market value of the business. |
| paragraph 55E(2)(a) (reviewable national security action) | |||
| 13 | an acquisition of a legal or equitable interest in an exploration tenement in respect of Australian land | paragraph 55B(1)(e) (notifiable national security action) | the greater of the following: |
| (a) | the value of the consideration for the acquisition; | ||
| (b) | the market value of the interest. | ||
| 14 | if no previous item applies - an action specified in regulations that specify, or set out a method for determining, an amount for the action | regulations made for the purposes of section 44 (significant action) | that amount. |
| regulations made for the purposes of section 48 (notifiable action) | |||
| 15 | if no previous item applies - an action specified in regulations | regulations made for the purposes of section
44
(significant action)
regulations made for the purposes of section 48 (notifiable action) |
the greater of the following: |
| (a) | the value of the consideration for the action; | ||
| (b) | the market value of the benefit obtained by the action. |
98F(4)
In applying the table in subsection (3), disregard the effect of any exemption certificate.
98F(5)
If the action is covered by more than one item of the table in subsection (3), treat the value of the action worked out according to that table as being the greatest of the amounts worked out under those items.
98F(6)
For the purposes of this section: (a) if there is no consideration for a thing - treat the value of the consideration for the thing as nil; and (b) if the market value of a thing cannot be ascertained - treat the market value of the thing as nil.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
