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

51   At the end of Part 6

Add:

Division 4 - Transitional matters relating to the Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2024

67 Application of amendments

(1) Subject to subsection (2), the amendments of this instrument made by the amending Actapply in relation to fees that become payable on or after the commencement of those amendments.

(2) To the extent the amendments made by the amending Act relate to vacancy fees, the amendments apply in relation to vacancy years starting on or after the commencement of those amendments, whether the dwelling in respect of which a fee is payable is acquired before, on or after that commencement.

Note: Vacancy fees are payable in relation to residential land acquired on or after 7.30 pm on 9 May 2017: see item 12 of Schedule 3 to the Treasury Laws Amendment (Housing Tax Integrity) Act 2017.

(3) To avoid doubt, if the amending Act commences after 1 July 2024, the indexation required by subsection 59(2) of the Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020, as amended by the amending Act, applies on the first 1 July that occurs after that commencement.

(4) In this section:

amending Act means the Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2024.