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 theForeign 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).