Second Reading Speech
Mr JONES (Whitlam - Assistant Treasurer and Minister for Financial Services)I move:
That this bill be now read a second time.
This bill amends the Foreign Acquisitions and Takeovers Fees Imposition Act 2015 (FATA Fees Act) to align the indexation of the fee cap under that act with the indexation of fees in the Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020.
As part of the government's commitment to double foreign investment fees and penalties, legislation was made to double foreign investment application fees from 29 July this year.
The doubled fee amounts incorporate the cumulative total of indexation prior to the doubling. The bill amends the FATA Fees Act to similarly incorporate the cumulative total of the indexation for the same time period into the fee cap amount to ensure the fees and the fee cap indexations remain in lock step. The fee cap itself is not doubled.
Full details of the measures are contained in the explanatory memorandum.
Debate adjourned.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
