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This is a Bill, not an Act. For current law, see the Acts databases.
2016-2017-2018
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Foreign Acquisitions and Takeovers Fees
Imposition Amendment (Near-new
Dwelling Interests) Bill 2018
No. , 2018
(Treasury)
A Bill for an Act to amend the Foreign Acquisitions
and Takeovers Fees Imposition Act 2015, and for
related purposes
No. , 2018
Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Near-new Dwelling Interests) Bill 2018
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Near-new dwelling interests
3
Part 1--Amendments
3
Foreign Acquisitions and Takeovers Fees Imposition Act 2015
3
Part 2--Application and transitional provisions
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No. , 2018
Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Near-new Dwelling Interests) Bill 2018
1
A Bill for an Act to amend the Foreign Acquisitions
1
and Takeovers Fees Imposition Act 2015, and for
2
related purposes
3
The Parliament of Australia enacts:
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1 Short title
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This Act is the Foreign Acquisitions and Takeovers Fees
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Imposition Amendment (Near-new Dwelling Interests) Act 2018.
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2 Commencement
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(1) Each provision of this Act specified in column 1 of the table
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commences, or is taken to have commenced, in accordance with
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column 2 of the table. Any other statement in column 2 has effect
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according to its terms.
12
2
Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Near-new Dwelling Interests) Bill 2018
No. , 2018
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
At the same time as Schedule 2 to the
Treasury Laws Amendment (Reducing
Pressure on Housing Affordability Measures
No. 2) Act 2018 commences.
However, the provisions do not commence
at all if that Act does not commence.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
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(2) Any information in column 3 of the table is not part of this Act.
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Information may be inserted in this column, or information in it
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may be edited, in any published version of this Act.
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3 Schedules
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Legislation that is specified in a Schedule to this Act is amended or
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repealed as set out in the applicable items in the Schedule
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concerned, and any other item in a Schedule to this Act has effect
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according to its terms.
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Near-new dwelling interests Schedule 1
Amendments Part 1
No. , 2018
Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Near-new Dwelling Interests) Bill 2018
3
Schedule 1--Near-new dwelling interests
1
Part 1--Amendments
2
Foreign Acquisitions and Takeovers Fees Imposition Act
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2015
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1 Section 6 (heading)
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Repeal the heading, substitute:
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6 Fees relating to exemption certificates
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2 Subsection 6(1) (heading)
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Repeal the heading, substitute:
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Fees for applications for exemption certificates
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3 Subsection 6(1) (after note 2)
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Insert:
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Note 2A: For additional fees in relation to an exemption certificate under
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section 57 (new dwellings) of the Foreign Acquisitions Act, see
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subsection (3).
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Note 2B: For additional fees in relation to a residential land (near-new dwelling
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interests) certificate, see subsection (5).
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4 At the end of section 6
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Add:
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Fees for residential land (near-new dwelling interests)
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certificates--6 monthly fees for developers
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(5) The amount of a fee that is payable by a developer mentioned in
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subsection 113(2A) of the Foreign Acquisitions Act at the end of a
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6 month period is the total of the amounts that are payable under
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subsection (6) of this section for each near-new dwelling
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acquisition that occurs during the period.
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Note:
Subsections 113(3) and (4A) of the Foreign Acquisitions Act define 6
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month period and near-new dwelling acquisition.
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Schedule 1 Near-new dwelling interests
Part 1 Amendments
4
Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Near-new Dwelling Interests) Bill 2018
No. , 2018
(6) The amount that is payable for a near-new dwelling acquisition is
1
the amount that, at the time of the acquisition, would have been
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payable for the acquisition under item 3 of the table in
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subsection 7(1) of this Act assuming the acquisition had been a
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notifiable action.
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Near-new dwelling interests Schedule 1
Application and transitional provisions Part 2
No. , 2018
Foreign Acquisitions and Takeovers Fees Imposition Amendment
(Near-new Dwelling Interests) Bill 2018
5
Part 2--Application and transitional provisions
1
5 Application of amendments
--general
2
Subject to item 6 of this Schedule, the amendments of the Foreign
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Acquisitions and Takeovers Fees Imposition Act 2015 made by Part 1 of
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this Schedule apply in relation to a near-new dwelling acquisition
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occurring on or after 1 July 2017.
6
Note:
For the meaning of near-new dwelling acquisition, see subsection 113(4A) of the
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Foreign Acquisitions Act, as inserted by Part 1 of Schedule 2 to the Treasury Laws
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Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Act 2018.
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6 Transitional
--certificate given before commencement
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(1)
This item applies in relation to a near-new dwelling acquisition if the
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acquisition:
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(a) occurred on or after 1 July 2017; and
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(b) is covered by a residential land (near-new dwelling interests)
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certificate that was given to a person (the developer) 6
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months or more before the day this item commenced.
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(2)
The transitional fee period is the period of 12 months beginning
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immediately after the developer was given the certificate.
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(3)
Subsection 6(5) of the Foreign Acquisitions and Takeovers Fees
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Imposition Act 2015, as inserted by Part 1 of this Schedule, has effect as
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if the reference in that subsection to a 6 month period were a reference
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to the transitional fee period or any subsequent 6 month period
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(disregarding the definition of 6 month period in subsection 113(3) of
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the Foreign Acquisitions Act).
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