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

Schedule 2   Compliance and enforcement

Part 1   Amendments

Foreign Acquisitions and Takeovers Act 1975

15   Subsection 94(4)

Repeal the subsection, substitute:

Penalty

(4) The maximum penalty for the contravention is the greatest of the following:

(a) 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) 25% of the consideration for the residential land acquisition;

(c) 25% 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.