Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2024 (17 of 2024)

Schedule 2   Amendments of the regulations

Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020

23   Subsections 33(1) and (2)

Repeal the subsections, substitute:

(1) This section applies in relation to an application for any of the following kinds of certificate:

(a) an exemption certificate under section 58 of the Foreign Acquisitions Act (about acquisitions of interests in Australian land);

(b) a businesses or entities certificate;

(c) a tenements and mining, production or exploration entities certificate;

(d) a certificate under section 43BA of the Foreign Acquisitions Regulation (about notifiable national security actions);

(e) a certificate under section 43BB of the Foreign Acquisitions Regulation (about reviewable national security actions).

The fee for most other certificates is 75% of the full fee

(2) The amount of the fee for the application is equal to the lesser of:

(a) 75% of the sum of each amount worked out under column 2 of each of the items in the table in subsection (3) that applies for the application; and

(b) 75% of:

(i) unless subparagraph (ii) applies - the amount in paragraph (b) of column 2 of item 2 of the table in section 10; or

(ii) if the actions to be covered by the certificate include an action to acquire an interest in residential land on which there is at least one established dwelling - the amount worked out under subsection (4) of this section.

Note 1: This fee might be adjusted if the person applies for another certificate within 14 days (see section 35).

Note 2: The amount in paragraph (b) of column 2 of item 2 of the table in section 10 is subject to indexation.

The fee for certificates dealing only with reviewable national security actions is 25% of the full fee

(2A) However, if the actions to be covered by the certificate are all reviewable national security actions, then the amount of the fee for the application is equal to the lesser of:

(a) 25% of the sum of each amount worked out under column 2 of each of the items in the table in subsection (3) that applies for the application; and

(b) 25% of:

(i) unless subparagraph (ii) applies - the amount in paragraph (b) of column 2 of item 2 of the table in section 10; or

(ii) if the actions to be covered by the certificate include an action to acquire an interest in residential land on which there is at least one established dwelling - 3 times the amount in paragraph (b) of column 2 of item 2 of the table in section 10.

Note 1: This fee might be adjusted if the person applies for another certificate within 14 days (see section 35).

Note 2: The amount in paragraph (b) of column 2 of item 2 of the table in section 10 is subject to indexation.