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Thursday, 20 August 2015
Page: 8986

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Mr HOCKEY (North SydneyThe Treasurer) (09:10): I» «move» :

That this bill «be» «now» «read» «a» «second» «time .

The second bill in the package is the Foreign Acquisitions and Takeovers Fees Imposition Bill 2015.

The imposition bill introduces fees on foreign investment applications to ensure Australian taxpayers are no longer required to fund the costs of the administration and enforcement of the foreign investment regime.

For residential and agricultural properties valued at $1 million or less, foreign investors will pay a fee of $5,000. Higher fees apply to more expensive residential and agricultural properties as well as commercial real estate and business applications.

Debate adjourned.