Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (114 of 2020)

Schedule 1   Main amendments

Part 1   Amendment of the Foreign Acquisitions and Takeovers Act 1975

Foreign Acquisitions and Takeovers Act 1975

192   At the end of section 115D

Add:

Person holds the interest jointly with one or more other foreign persons

(4) Subsection (1) ceases to apply to the person for the vacancy year and the dwelling on the land if:

(a) the person holds the interest in land jointly with one or more other foreign persons (whether or not the first-mentioned person also holds the interest jointly with one or more other persons who are not foreign persons); and

(b) this Division also applies in relation to that other foreign person, or those other foreign persons, for the dwelling on the land; and

(c) that other foreign person, or at least one of those other foreign persons, both:

(i) has a vacancy year for the dwelling that is the same as the first-mentioned person's vacancy year; and

(ii) complies with subsection (1) for that vacancy year and the dwelling.