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This is a Bill, not an Act. For current law, see the Acts databases.
2016-2017
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Foreign Acquisitions and Takeovers Fees
Imposition Amendment (Fee
Streamlining and Other Measures) Bill
2017
No. , 2017
(Treasury)
A Bill for an Act to amend the Foreign Acquisitions
and Takeovers Fees Imposition Act 2015, and for
related purposes
No. , 2017
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Fee streamlining
3
Part 1--Amendments
3
Foreign Acquisitions and Takeovers Fees Imposition Act 2015
3
Part 2--Application and savings
12
No. , 2017
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
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:
4
1 Short title
5
This Act is the Foreign Acquisitions and Takeovers Fees
6
Imposition Amendment (Fee Streamlining and Other Measures)
7
Act 2017.
8
2 Commencement
9
(1) Each provision of this Act specified in column 1 of the table
10
commences, or is taken to have commenced, in accordance with
11
2
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
No. , 2017
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Schedules
10
Legislation that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
12
concerned, and any other item in a Schedule to this Act has effect
13
according to its terms.
14
Fee streamlining Schedule 1
Amendments Part 1
No. , 2017
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
3
Schedule 1--Fee streamlining
1
Part 1--Amendments
2
Foreign Acquisitions and Takeovers Fees Imposition Act
3
2015
4
1 Subsections 6(1) and (2)
5
Repeal the subsections, substitute:
6
Fees generally
7
(1) The amount of the fee for an application for an exemption
8
certificate, or an application for a variation of an exemption
9
certificate, is worked out in accordance with the following table.
10
11
Fees for certificates
Item
The amount of the fee for
an application for ...
is ...
1
an exemption certificate
under section 57 (new
dwellings) of the Foreign
Acquisitions Act
$25,700.
2
an exemption certificate
under section 58 (foreign
persons) of the Foreign
Acquisitions Act
$35,000.
3
an exemption certificate
under section 59
(established dwellings) of
the Foreign Acquisitions Act
(a) if the application specifies that the
consideration for the acquisition will be
$1 million or less--$5,500; and
(b) if the application specifies that the
consideration for the acquisition will be
more than $1 million, and $10 million or
less--the amount worked out under
subsection (2); and
(c) if the application specifies that the
consideration for the acquisition will be
more than $10 million--the amount
worked out under subsection (2A).
Schedule 1 Fee streamlining
Part 1 Amendments
4
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
No. , 2017
Fees for certificates
Item
The amount of the fee for
an application for ...
is ...
4
an exemption certificate
given under regulations
made for the purposes of
section 63 of the Foreign
Acquisitions Act
(a) if the exemption certificate is a
residential land (other than established
dwellings) certificate within the meaning
of those regulations--the amount, not
exceeding the amount of the fee that
would be payable if the application were
for an exemption certificate under
section 59 of the Foreign Acquisitions
Act, that is:
(i) prescribed by regulations made for
the purposes of this paragraph; or
(ii) worked out using the method
prescribed by regulations made
for the purposes of this paragraph;
or
(b) otherwise--the amount not exceeding
$35,000 that is prescribed by regulations,
or worked out using the method
prescribed by regulations, made for the
purposes of this paragraph.
5
a variation of an exemption
certificate under section 62
of the Foreign Acquisitions
Act
(a) $5,100, if the application is for a
variation of an exemption certificate
given under sections 57 and 59 of the
Foreign Acquisitions Act; or
(b) $5,100, if:
(i) the application is for a variation of
an exemption certificate given
under regulations made for the
purposes of section 63 of the
Foreign Acquisitions Act; and
(ii) the exemption certificate given
under the regulations relates to
residential land; or
(c) $10,100, if the application is for a
variation of any other exemption
certificate under the Foreign
Acquisitions Act, or provided for in
regulations made under section 63 of that
Act.
Fee streamlining Schedule 1
Amendments Part 1
No. , 2017
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
5
Note 1:
For table item 1, see also subsection (3).
1
Note 2:
Consideration is defined by regulations made for the purposes of the
2
Foreign Acquisitions Act (see section 4 of that Act).
3
Note 3:
See also sections 11 (regulations may lower fees) and 12 (indexation
4
of fees) of this Act.
5
Fees for applications for exemption certificates--consideration
6
more than $1 million, and $10 million or less
7
(2) For the purposes of paragraph (b) of item 3 of the table in
8
subsection (1), the amount of the fee is worked out as follows:
9
Method statement
10
Step 1. Apply the following formula:
11
Amount of consideration specified in the application
1,000,000
12
Round the resulting amount down to the nearest whole
13
number, if necessary.
14
Step 2. Multiply the step 1 amount by $10,000.
15
Step 3. Multiply the step 2 amount by 1.015. Round the resulting
16
amount down to the nearest multiple of $100, if
17
necessary.
18
Step 4. Add to the step 3 amount the amount that is 10% of the
19
step 3 amount. Round the resulting amount down to the
20
nearest multiple of $100, if necessary.
21
Step 5. The step 4 amount is the amount of the fee.
22
Fees for applications for exemption certificates--consideration
23
more than $10 million
24
(2A) For the purposes of paragraph (c) of item 3 of the table in
25
subsection (1), the amount of the fee is worked out as follows:
26
Schedule 1 Fee streamlining
Part 1 Amendments
6
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
No. , 2017
Method statement
1
Step 1. Apply the following formula:
2
Amount of consideration specified in the application
1,000,000
3
Round the resulting amount down to the nearest whole
4
number, if necessary.
5
Step 2. Multiply the step 1 amount by $10,000.
6
Step 3. Multiply the step 2 amount by 1.030. Round the resulting
7
amount down to the nearest multiple of $100, if
8
necessary.
9
Step 4. The step 3 amount is the amount of the fee.
10
2 Subsection 6(4)
11
Omit "item 2", substitute "item 3".
12
3 Section 7
13
Repeal the section, substitute:
14
7 Fees for giving notice of notifiable actions
15
(1) The amount of the fee for giving a notice of a notifiable action
16
under section 81 of the Foreign Acquisitions Act is worked out in
17
accordance with the following table.
18
19
Fees for giving notice of notifiable actions
Item
If the notifiable action is ...
the amount of the fee is ...
1
(a) to acquire a direct interest in an
Australian entity or Australian
business that is an agribusiness;
or
(b) to acquire a substantial interest in
(a) if the consideration for the
acquisition is $10 million or
less--$2,000; and
(b) if the consideration is more than
$10 million, and $1 billion or
Fee streamlining Schedule 1
Amendments Part 1
No. , 2017
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
7
Fees for giving notice of notifiable actions
Item
If the notifiable action is ...
the amount of the fee is ...
an Australian entity
less--$25,300; and
(c) if the consideration is more than
$1 billion--$101,500.
2
to acquire an interest in agricultural
land
(a) if the consideration for the
acquisition is $2 million or
less--$2,000; and
(b) if the consideration for the
acquisition is more than $2
million, and $10 million or
less--$25,300; and
(c) if the consideration is more than
$10 million--$101,500.
3
to acquire an interest in residential
land
(a) if the consideration for the
acquisition is $1 million or
less--$5,500; and
(b) if the consideration for the
acquisition is more than $1
million, and $10 million or
less--the amount worked out
under subsection (2); and
(c) if the consideration for the
acquisition is more than $10
million--the amount worked out
under subsection (3).
4
to acquire an interest in commercial
land (whether the land is vacant or
not)
(a) if the consideration for the
acquisition is $10 million or
less--$2,000; and
(b) if the consideration is more than
$10 million, and $1 billion or
less--$25,300; and
(c) if the consideration is more than
$1 billion--$101,500.
5
to acquire an interest in a mining or
production tenement
$25,300.
6
to take a notifiable action prescribed
by regulations made for the purposes
of section 48 of the Foreign
Acquisitions Act
the amount not exceeding $101,500
that is prescribed by regulations, or
worked out using the method
prescribed by regulations, made for
Schedule 1 Fee streamlining
Part 1 Amendments
8
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
No. , 2017
Fees for giving notice of notifiable actions
Item
If the notifiable action is ...
the amount of the fee is ...
the purposes of this item.
Note 1:
Consideration is defined by regulations made for the purposes of the
1
Foreign Acquisitions Act (see section 4 of that Act).
2
Note 2:
See also sections 10 (fees for internal reorganisations), 11 (regulations
3
may lower fees) and 12 (indexation of fees) of this Act.
4
Fees for acquisition of interests in residential land--consideration
5
more than $1 million, and $10 million or less
6
(2) For the purposes of paragraph (b) of item 3 of the table in
7
subsection (1), the amount of the fee is worked out as follows:
8
Method statement
9
Step 1. Apply the following formula:
10
Consideration for the acquisition
1,000,000
11
Round the resulting amount down to the nearest whole
12
number, if necessary.
13
Step 2. Multiply the step 1 amount by $10,000.
14
Step 3. Multiply the step 2 amount by 1.015. Round the resulting
15
amount down to the nearest multiple of $100, if
16
necessary.
17
Step 4. Add to the step 3 amount the amount that is 10% of the
18
step 3 amount. Round the resulting amount down to the
19
nearest multiple of $100, if necessary.
20
Step 5. The step 4 amount is the amount of the fee.
21
Fee streamlining Schedule 1
Amendments Part 1
No. , 2017
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
9
Fees for acquisition of interests in residential land--consideration
1
more than $10 million
2
(3) For the purposes of paragraph (c) of item 3 of the table in
3
subsection (1), the amount of the fee is worked out as follows:
4
Method statement
5
Step 1. Apply the following formula:
6
Consideration for the acquisition
1,000,000
7
Round the resulting amount down to the nearest whole
8
number, if necessary.
9
Step 2. Multiply the step 1 amount by $10,000.
10
Step 3. Multiply the step 2 amount by 1.030. Round the resulting
11
amount down to the nearest multiple of $100, if
12
necessary.
13
Step 4. The step 3 amount is the amount of the fee.
14
4 Subsection 8(1) (table items 1 and 2)
15
Repeal the items, substitute:
16
1
(a) to acquire an interest in securities
in an entity that is not a
substantial interest in the entity;
or
(b) to issue securities in an entity; or
(c) to acquire interests in assets of an
Australian business
(a) if the consideration for the
acquisition is $10 million or
less--$2,000; and
(b) if the consideration for the
acquisition is more than $10
million, and $1 billion or less--
$25,300; and
(c) if the consideration is more than
$1 billion--$101,500.
2
(a) to enter an agreement mentioned
in paragraph 40(2)(d) of the
Foreign Acquisitions Act; or
$10,100.
Schedule 1 Fee streamlining
Part 1 Amendments
10
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
No. , 2017
(b) to alter a constituent document of
an entity as mentioned in
paragraph 40(2)(e) of the
Foreign Acquisitions Act; or
(c) to enter or terminate a significant
agreement with an Australian
business
5 Paragraph 8(2)(a)
1
Omit "Australian land--$5,000", substitute "residential land--$5,100".
2
6 Paragraph 8(2)(b)
3
Omit "$10,000", substitute "$10,100".
4
7 Section 10
5
Omit "sections 6 to 9", substitute "sections 7 to 9".
6
8 Section 10
7
Omit "$10,000", substitute "$10,100".
8
9 Section 11 (note)
9
Repeal the note, substitute:
10
Note:
For example, the regulations may prescribe a lower amount for the
11
purposes of item 4 of the table in subsection 7(1) only in relation to
12
acquisitions of interests in commercial land that is not vacant.
13
10 Paragraph 12(9)(a)
14
Repeal the paragraph, substitute:
15
(a) the following amounts are not fees:
16
(i) the amounts specified in the method statements in
17
subsections 6(2) and (2A) and 7(2) and (3) (except the
18
amount specified in the final step in any of those
19
method statements);
20
(ii) an amount of $1 million, $2 million, $10 million or $1
21
billion specified in an item of the table in
22
subsection 6(1), 7(1) or 8(1); and
23
Fee streamlining Schedule 1
Amendments Part 1
No. , 2017
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
11
11 Subparagraph 12(9)(b)(iii)
1
Repeal the subparagraph.
2
Schedule 1 Fee streamlining
Part 2 Application and savings
12
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
No. , 2017
Part 2--Application and savings
1
12 Application of amendments
2
(1)
The amendments of section 6 of the Foreign Acquisitions and
3
Takeovers Fees Imposition Act 2015 (the Fees Act) made by this Act
4
apply in relation to a fee payable for an application for an exemption
5
certificate made on or after 1 July 2017.
6
(2)
The amendments of section 7 of the Fees Act made by this Act apply in
7
relation to a fee payable for:
8
(a) a notice of a notifiable action given on or after 1 July 2017;
9
and
10
(b) in the case of a person given an exemption certificate under
11
section 57 of the Foreign Acquisitions Act--any new
12
dwelling acquisition that occurs on or after 1 July 2017.
13
Note:
See subsections 6(3) and (4) of the Fees Act.
14
(3)
The amendments of section 8 of the Fees Act made by this Act apply in
15
relation to a fee payable for:
16
(a) a notice of a proposal to take an action that is not a notifiable
17
action given on or after 1 July 2017; and
18
(b) an order made under Subdivision A of Division 2 of Part 3 of
19
the Foreign Acquisitions Act on or after 1 July 2017; and
20
(c) a no objection notification given on or after 1 July 2017.
21
(4)
The amendments of section 10 of the Fees Act made by this Act apply
22
in relation to a fee payable for any action that constitutes an internal
23
reorganisation taken on or after 1 July 2017.
24
(5)
Despite section 114 of the Foreign Acquisitions Act, a notice or
25
application given or made before 1 July 2017 is taken to have been
26
given or made for the purposes of this item even if the fee payable for
27
giving the notice or making the application had not been paid before
28
that date.
29
13 Saving of regulations
30
(1)
Regulations in force immediately before the commencement of this
31
item for the purposes of item 4 of the table in subsection 6(1) of the
32
Fee streamlining Schedule 1
Application and savings Part 2
No. , 2017
Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee
Streamlining and Other Measures) Bill 2017
13
Foreign Acquisitions and Takeovers Fees Imposition Act 2015 (the
1
Fees Act) have effect after that commencement as if they had been
2
made for the purposes of item 4 of the table in subsection 6(1) of the
3
Fees Act as amended by this Act.
4
(2)
Regulations in force immediately before the commencement of this
5
item for the purposes of item 6 of the table in subsection 7(1) of the
6
Fees Act have effect after that commencement as if they had been made
7
for the purposes of item 6 of the table in subsection 7(1) of the Fees Act
8
as amended by this Act.
9