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Text of bill | Explanatory memoranda | Second reading speeches | Proposed amendments | Schedules of amendments | Bills Digest

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 Investment Reform (Protecting Australia’s National Security) Bill 2020

Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020, the bill amends the: Foreign Acquisitions and Takeovers Act 1975 to: introduce a new national security test which requires mandatory notification of investments in a sensitive national security business or land and allows investments not otherwise notified to be 'called in' for review on national security grounds; provide the Treasurer, as a last resort and in extraordinary circumstances, with the ability to issue a divestment order where there is no other remedy for a national security risk; expand the enforcement, monitoring and investigative powers of the Treasurer and the Commissioner of Taxation; amend the circumstances in which an investor satisfies the change in control test; deems a foreign person to have acquired an interest in securities in an entity where the persons' proportional holdings have increased without the person taking any action; amend the definition of Australian business to include state and territory business functions; expand the tracing rules to unincorporated limited partnerships; enable information sharing with foreign governments; create a Register of Foreign Ownership of Australian Assets which incorporates the existing Register of Foreign Ownership of Water Entitlements and Register of Foreign Ownership of Agricultural Land, and create additional obligations to notify the Registrar of a broader range of interests; provide that fees are payable for new types of actions; and make consequential and technical amendments; Foreign Acquisitions and Takeovers Act 1975 and Taxation Administration Act 1953 to enable the Commissioner of Taxation to disclose protected information to the Foreign Investment Review Board for certain purposes; and Administrative Appeals Tribunal Act 1975 and Security of Critical Infrastructure Act 2018 to make consequential amendments. Also repeals the Register of Foreign Ownership of Water or Agricultural Land Act 2015.

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 28/10/20  
Second reading moved 28/10/20  
Second reading debate 03/12/20  
Second reading debate 07/12/20  
Second reading agreed to 07/12/20  
Consideration in detail debate 07/12/20  
Third reading agreed to 07/12/20  
     
Senate
Introduced and read a first time 08/12/20  
Second reading agreed to 08/12/20  
Third reading agreed to 08/12/20 Amendment details: 2 Opposition agreed to
     
House of Representatives
Consideration of Senate message 09/12/20 Details: House agreed to Senate amendments
     
Finally passed both Houses 09/12/20  
Assent 10/12/20 Act no: 114 - Year: 2020
     

[Information on document types]

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

House of Representatives
  • Non-Government
WILKIE, Andrew, MP

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Senate
  • Australian Greens [1139]
MCKIM, Sen Nick

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  • Australian Greens [1138]
MCKIM, Sen Nick

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  • Opposition [1132]
GALLAGHER, Sen Katy

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  • Pauline Hanson's One Nation [sheet 1165]
HANSON, Sen Pauline

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  • Pauline Hanson's One Nation [sheet 1174]
HANSON, Sen Pauline

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  • Pauline Hanson's One Nation [sheet 1174]
HANSON, Sen Pauline

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  • Pauline Hanson's One Nation [1131]
HANSON, Sen Pauline

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Schedules of amendments

  • Schedule of the amendments made by the Senate

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Bills Digest



Notes