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Bills of the current Parliament

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Part of a package of three bills in relation to Australia’s foreign investment framework, the bill amends the: Foreign Acquisitions and Takeovers Act 1975 to: provide a statutory basis for the requirements that apply to foreign government investors; enable the transfer to the Australian Taxation Office of responsibility for administering certain aspects of regulating foreign investment, including residential real estate; introduce civil and criminal penalties; enable the lowering of screening thresholds for investments in the agricultural sector; provide for fees to be payable for foreign investment applications; amend the long title of the Act; and make amendments consequential on the Acts and Instruments (Framework Reform) Act 2015; and Anti-Money Laundering and Counter-Terrorism Financing Act 2006, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make consequential amendments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 20/08/15  
Second reading moved 20/08/15  
Second reading debate 16/09/15  
Second reading debate 17/09/15  
Second reading agreed to 17/09/15  
Third reading agreed to 17/09/15  
     
Senate
Introduced and read a first time 17/09/15  
Second reading moved 17/09/15  
Second reading debate 11/11/15  
Second reading debate 23/11/15  
Second reading agreed to 23/11/15  
Committee of the Whole debate 23/11/15 Amendment details: 2 Australian Greens agreed to
Third reading agreed to 23/11/15  
     
House of Representatives
Consideration of Senate message 24/11/15 Details: House agreed to Senate amendments
     
Finally passed both Houses 24/11/15  
Assent 25/11/15 Act no: 150 - Year: 2015
     

Text of bill

  • First reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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Second reading speeches


Proposed amendments

Senate
  • Australian Greens [sheet 7809]
WHISH-WILSON, Sen Peter

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  • Family First Party [sheet 7810]
DAY, Sen Bob

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  • Independent [sheet 7792 revised]
LAZARUS, Sen Glenn
MADIGAN, Sen John
LAMBIE, Sen Jacqui

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  • Independent [sheet 7782 revised]
XENOPHON, Sen Nick

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  • Opposition [sheet 7778]
WONG, Sen Penny

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Schedules of amendments

  • Schedule of the amendments made by the Senate

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Bills Digest



Notes
  • Referred to Committee (20/08/2015): Senate Economics Legislation Committee; Committee report (14/10/2015)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )