Part 1 — Amendments

Foreign Acquisitions and Takeovers Act 1975

1  Section 4

Insert:

near-new dwelling acquisition has the meaning given by subsection 113(4A).

near-new dwelling interest has the same meaning as in regulations made for the purposes of section 63 (exemption certificates provided for by the regulations).

residential land (near-new dwelling interests) certificate has the same meaning as in regulations made for the purposes of section 63 (exemption certificates provided for by the regulations).

2  Subsection 113(1) (cell at table item 1, column 2)

Repeal the cell, substitute:

3  Subsection 113(2) (heading)

Repeal the heading, substitute:

6 monthly fees for developers

4  Subsection 113(2)

After “section 57”, insert “(the section 57 certificate )”.

5  After subsection 113(2)

Insert:

          (2A)  A person (the developer ) who is given a residential land (near-new dwelling interests) certificate must pay a fee for a 6 month period if there were one or more near-new dwelling acquisitions covered by the certificate during the period.

6  Paragraph 113(3)(a)

Omit “certificate”, substitute “section 57 certificate or the residential land (near-new dwelling interests) certificate (whichever is applicable)”.

7  Paragraph 113(3)(b)

Omit “each”, substitute “any”.

8  Subsection 113(4)

Omit “the exemption certificate”, substitute “the section 57 certificate”.

9  After subsection 113(4)

Insert:

          (4A)  A near-new dwelling acquisition is an acquisition by a foreign person of a near-new dwelling interest that is covered by the residential land (near-new dwelling interests) certificate given to the developer.

10  Paragraph 115C(3)(b)

Omit “(within the meaning of the Foreign Acquisitions and Takeovers Regulation 2015 )”.

Part 2 — Application and transitional provisions

11  Application of amendments—general

            Subject to item 12 of this Schedule, the amendments of the Foreign Acquisitions and Takeovers Act 1975 made by Part 1 of this Schedule apply in relation to a near-new dwelling acquisition occurring on or after 1 July 2017.

Note:       For the meaning of near-new dwelling acquisition , see subsection 113(4A) of the Foreign Acquisitions and Takeovers Act 1975 , as amended by Part 1 of this Schedule.

12  Transitional—certificate given before commencement

(1)       This item applies in relation to a near-new dwelling acquisition if the acquisition:

                     (a)  occurred on or after 1 July 2017; and

                     (b)  is covered by a residential land (near-new dwelling interests) certificate that was given to a person (the developer ) before the day this item commenced.

(2)       The transitional fee period is the period:

                     (a)  starting immediately after the developer was given the certificate; and

                     (b)  ending at the end of the first reporting period that ends after 30 days following the day this item commenced.

(3)       A reporting period is a 6 month period for the developer, within the meaning of subsection 113(3) of the Foreign Acquisitions and Takeovers Act 1975 , as amended by Part 1 of this Schedule.

(4)       Paragraph (b) of item 1 of the table in subsection 113(1) of the Foreign Acquisitions and Takeovers Act 1975 , as amended by Part 1 of this Schedule, has effect as if the paragraph required the developer to pay a fee in relation to the certificate at the end of the transitional fee period.

(5)       Subsection 113(2A) of the Foreign Acquisitions and Takeovers Act 1975 , as amended by Part 1 of this Schedule, has effect as if the reference in that subsection to a 6 month period were a reference to the transitional fee period or any subsequent 6 month period (disregarding the definition of 6 month period in subsection 113(3) of that Act).