Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

           Division 1--Preliminary

   1.      Short title  
   2.      Commencement  
   3.      Simplified outline of this Act  

           Division 2--Definitions

              Subdivision A--Dictionary of definitions

   4.      Dictionary of definitions  

              Subdivision B--Some defined terms and rules of interpretation

   5.      Meaning of ordinarily resident  
   6.      Meaning of associate  
   7.      Meaning of independent director  
   8.      Meaning of Australian business  
   8A.     Meaning of starts a national security business  
   8B.     Meaning of starts an Australian business  
   9.      Meaning of interest in a security  
   10.     Meaning of interest in an asset  
   11.     Meaning of interest in a trust  
   11A.    Meaning of interest in an unincorporated limited partnership  
   12.     Meaning of interest in Australian land  
   13.     Interests that are remote or subject to restraint etc.  
   14.     Interests held or acquired jointly  
   15.     Interests acquired by entering agreements or acquiring options  
   16.     Meaning of proposes to take certain action  
   16A.    Meaning of interest of a specified percentage in a business  
   17.     Meanings of interest and aggregate interest of a specified percentage in an entity or unincorporated limited partnership  
   18.     Rules relating to determining percentages of interests in entities  
   18A.    Increasing percentage of interests without acquiring additional interests in securities  
   19.     Tracing of substantial interests in corporations, trusts and unincorporated limited partnerships  
   19A.    Meaning of acquire an interest of a specified percentage in a business  
   20.     Meaning of acquire an interest of a specified percentage in an entity  
   21.     Meanings of subsidiary and holding entity  
   22.     Meanings of voting power and potential voting power  
   23.     Meaning of controls the voting power  
   24.     Meaning of determines the policy of a business of exploiting a mining or production tenement  
   25.     Meaning of enters an agreement  
   26.     Meaning of sensitive business  
   26A.    Meaning of registrable water entitlement  
   27.     Regulations to provide in relation to valuing assets  
   28.     Acts done by agents  

           Division 3--Application of this Act

   29.     Application of this Act to individuals, entities and unincorporated limited partnerships  
   30.     Extension to external Territories  
   31.     Extraterritoriality  
   32.     Extension to exclusive economic zone and continental shelf  
   33.     This Act binds the Crown  
   34.     Concurrent operation of State and Territory laws  
   35.     General severability  
   36.     Severability relating to Australian businesses  
   37.     Regulations providing for exemptions  

   PART 2--ACTIONS--TO WHICH THIS ACT APPLIES

           Division 1--Simplified outline of this Part

   38.     Simplified outline  

           Division 2--Meaning of significant action

   39.     Simplified outline of this Division  
   40.     Meaning of significant action --entities  
   41.     Meaning of significant action --businesses  
   42.     Action taken in relation to agribusinesses  
   43.     Meaning of significant action-- land  
   44.     Meaning of significant action --actions prescribed by the regulations  
   45.      Actions that are not significant actions --exemption certificates  

           Division 3--Meaning of notifiable action

   46.     Simplified outline of this Division  
   47.     Meaning of notifiable action --general  
   48.     Meaning of notifiable action-- actions prescribed by the regulations  
   49.      Actions that are not notifiable actions --exemption certificates  

           Division 4--The threshold test and change in control

              Subdivision A--Simplified outline of this Division

   50.     Simplified outline of this Division  

              Subdivision B--The threshold test

   51.     The threshold test for entities and businesses  
   52.     The threshold test for land  
   53.     The threshold test in relation to actions of more than one kind  

              Subdivision C--Change in control

   54.     Change in control  

              Subdivision D--Regulations

   55.     Regulations  

           Division 4A--Meaning of notifiable national security action

              Subdivision A--Simplified outline

   55A.    Simplified outline  

              Subdivision B--Meaning of notifiable national security action

   55B.    Meaning of notifiable national security action  

           Division 4B--Meaning of reviewable national security action

              Subdivision A--Simplified outline

   55C.    Simplified outline  

              Subdivision B--Meaning of reviewable national security action

   55D.    Meaning of reviewable national security action--entities  
   55E.    Meaning of reviewable national security action--businesses  
   55F.    Meaning of reviewable national security action--land  
   55G.    Actions that are not reviewable national security actions--exemption certificates  

           Division 5--Exemption certificates

   56.     Simplified outline of this Division  
   57.     Exemption certificates for new dwellings  
   58.     Exemption certificates for foreign persons  
   59.     Exemption certificates for established dwellings  
   60.     Other matters that may be specified by exemption certificates  
   61.     Time limit for making decisions on exemption certificates  
   61A.    Treasurer may extend period by up to 90 days  
   62.     Variation or revocation of exemption certificates--general  
   62A.    Variation or revocation of exemption certificates--false or misleading information or documents  
   62B.    Effect of revocation or variation of exemption certificate  
   63.     Exemption certificates provided for by the regulations  

           Division 6--Entities whose securities are stapled and entities operating on a unified basis

   64.     Simplified outline of this Division  
   65.     Entities whose securities are stapled and entities operating on a unified basis  

   PART 3--POWERS--OF TREASURER

           Division 1--Simplified outline of this Part

   66.     Simplified outline of this Part  

           Division 1A--Review of reviewable national security actions

   66A.    National security review of actions  

           Division 2--Orders relating to actions that are, or whose result would be, contrary to national security or the national interest

              Subdivision A--Orders

   67.     Order prohibiting proposed actions  
   68.     Interim orders  
   69.     Disposal orders  
   70.     Limitation on making disposal orders  

              Subdivision B--No objection notifications

   74.     No objection notification imposing conditions  
   75.     No objection notification not imposing conditions  
   76.     Content of notification  
   76A.    Revocation of no objection notification  

              Subdivision C--Time limits on making orders and decisions

   77.     Time limit on making orders and decisions  
   77A.    Treasurer may extend decision period by up to 90 days  

              Subdivision D--Anti-avoidance

   78.     Anti - avoidance  
   79.     Persons involved in avoidance taken to be associates  

           Division 3--Last resort powers: orders to deal with national security risks arising after an initial assessment

              Subdivision A--National security review required

   79A.    National security review required before orders may be made  
   79B.    When an action creates a national security risk  

              Subdivision B--Orders

   79C.    Considerations required by Treasurer before any order given  
   79D.    Order prohibiting proposed actions  
   79E.    Disposal orders  

              Subdivision C--Other powers of Treasurer

   79F.    Considerations required by Treasurer before any power exercised  
   79G.    Varying or revoking conditions of no objection notification  
   79H.    Notice imposing conditions  
   79J.    Variation of notice imposing conditions  

              Subdivision D--Miscellaneous

   79K.    Exercise of powers under this Division  

           Division 4--Administrative provisions

              Subdivision A--Orders

   79L.    Variation and revocation of orders  
   79M.    Registration and commencement of orders  
   79N.    Actions of more than one kind  

              Subdivision B--Variation of notices imposing conditions

   79P.    Variation with consent or without disadvantage  
   79Q.    Variation on application  

           Division 5--Treasurer directions

              Subdivision A--Directions to persons

   79R.    Treasurer may give direction to person  
   79S.    Publication of directions  
   79T.    When direction takes effect  
   79U.    Varying and revoking directions  

              Subdivision B--Interim directions to persons

   79V.    Treasurer may give interim direction to person  
   79W.    When interim direction takes effect  
   79X.    Expiry of interim direction  
   79Y.    Varying and revoking interim directions  

   PART 4--NOTICES--REQUIRED FOR NOTIFIABLE ACTIONS AND NOTIFIABLE NATIONAL SECURITY ACTIONS, AND MAY BE GIVEN OF OTHER ACTIONS

   80.     Simplified outline of this Part  
   81.     Compulsory notice of notifiable actions and notifiable national security actions  
   82.     Limitation on taking actions after notice given  

   PART 5--OFFENCES--AND CIVIL PENALTIES

           Division 1--Simplified outline of this Part

   83.     Simplified outline of this Part  

           Division 2--Offences

   84.     Failing to give notice  
   85.     Taking action before end of period  
   85A.    Taking action while prohibited by this Act  
   86.     Contravening orders under Part 3  
   87.     Contravening conditions  
   88.     Failing to advertise new dwellings  
   88A.    Contravening directions and interim directions  

           Division 3--Civil penalties

              Subdivision A--Civil penalties relating to actions generally

   89.     Contravening orders under Part 3  

              Subdivision B--Civil penalties relating to actions (except in relation to residential land)

   90.     Application  
   91.     Failing to give notice  
   92.     Taking action before end of period  
   92A.    Taking action while prohibited by this Act  
   93.     Contravening conditions  

              Subdivision C--Civil penalties relating to residential land

   94.     Acquisition of interests in residential land  
   95.     Acquisition of interests in established dwellings  
   95A.    Taking action while prohibited by this Act  
   96.     Contravening conditions in relation to residential land  
   97.     Persons contravening conditions  
   98.     Working out capital gains  

              Subdivision D--Other civil penalties

   98A.    Contravening directions and interim directions  
   98B.    False or misleading information and documents  
   98C.    Failure to notify Treasurer of taking of action specified in no objection notification  
   98D.    Failure to notify taking of action related to exemption certificate  
   98E.    Failure to notify Treasurer of situations following core Part 3 action  

              Subdivision E--Miscellaneous

   98F.    Civil penalty amounts for penalty provision based on value  

           Division 4--Miscellaneous

              Subdivision A--Application of the Regulatory Powers Act--Civil penalty provisions

   99.     Civil penalty provisions  

              Subdivision AA--Application of the Regulatory Powers Act--Infringement notices

   100.    Infringement notices  
   101.    Meanings of tier 1 infringement notice , tier 2 infringement notice and tier 3 infringement notice  
   101AA.  Threshold for distinction between tier 2 infringement notices and tier 3 infringement notices  

              Subdivision AB--Application of the Regulatory Powers Act--Monitoring powers

   101A.   Monitoring powers  

              Subdivision AC--Application of the Regulatory Powers Act--Investigation powers

   101B.   Investigation powers  

              Subdivision AD--Application of the Regulatory Powers Act--Enforceable undertakings

   101C.   Enforceable undertakings  
   101D.   Publication of undertakings  

              Subdivision AE--Application of the Regulatory Powers Act--Miscellaneous

   101E.   Appointment of authorised officers  
   101F.   Delegation of certain powers and functions under the Regulatory Powers Act  

              Subdivision B--Liability of officers of corporations

   102.    Liability of officers of corporations authorising or permitting contraventions  
   103.    Civil penalties for officers of corporations failing to prevent contraventions  

              Subdivision C--Recovering unpaid penalties

   104.    Creation of charge on land  
   105.    Treasurer's declaration relating to charge  
   106.    Effect of charge on land  
   107.    Vesting of interest in land  
   108.    When the Commonwealth can begin dealing with interests in land  
   109.    Disposing of interests in land  
   110.    Exemption from stamp duty and other State or Territory taxes and fees  
   111.    Compensation for acquisition of property  

   PART 6--FEES--IN RELATION TO ACTIONS

   112.    Simplified outline of this Part  
   113.    When fees are payable  
   114.    Requirement for fees to be paid before Treasurer exercises powers  
   115.    Waiver and remission of fees  

   PART 6A--VACANCY--FEES FOR FOREIGN ACQUISITIONS OF RESIDENTIAL LAND

           Division 1--Simplified outline of this Part

   115A.   Simplified outline of this Part  

           Division 2--Vacancy fees: liability

   115B.   Scope of this Division--persons and land  
   115C.   Liability for vacancy fees  
   115D.   Vacancy fee liability--vacancy fee return  
   115DA.  Vacancy fee liability--false or misleading vacancy fee return  
   115E.   Vacancy fee liability--notice of liability for vacancy fee  
   115F.   Vacancy fee liability--due date  
   115G.   Vacancy fee liability--requirement to keep records  
   115H.   Vacancy fee liability--waiver and remission  

           Division 3--Vacancy fees: recovery of unpaid fees

   115J.   Vacancy fee recovery--as a debt  
   115K.   Vacancy fee recovery--creation of charge over Australian land  
   115L.   Vacancy fee recovery--Treasurer's declaration relating to charge over land  
   115M.   Vacancy fee recovery--effect of charge on land  
   115N.   Vacancy fee recovery--court order authorising vesting of interest in Commonwealth  
   115P.   Vacancy fee recovery--vesting of interest in land  
   115Q.   When the Commonwealth can begin dealing with interests in land  
   115R.   Vacancy fee recovery--disposing of interests in land  
   115S.   Vacancy fee recovery--exemption from stamp duty and other State or Territory taxes and fees  
   115T.   Vacancy fee recovery--compensation for acquisition of property  

   PART 7--ADMINISTRATIVE--PROVISIONS

           Division 1--Simplified outline of this Part

   116.    Simplified outline of this Part  

           Division 2--Record-keeping

   117.    What records must be made and kept  
   118.    Making and keeping records  
   119.    Offence for failing to make and keep records  

           Division 3--Confidentiality of information

   120.    Meaning of protected information  
   121.    Authorisation of disclosures etc. of protected information for the purposes of this Act  
   122.    Authorisation of disclosures to Commonwealth Ministers and Commonwealth bodies  
   123.    Authorisation of disclosures relating to law enforcement  
   123A.   Authorisation of disclosures about decisions where Commonwealth, State or Territory Minister or body etc. provided information  
   123B.   Authorisation of disclosures to foreign governments and separate government entities  
   124.    Authorisation of disclosures of non - identifying information  
   125.    Authorisation of disclosures of information in the public domain  
   126.    Authorisation of disclosures where consent or to person who gave information or related entity  
   126A.   Authorisation of disclosure by Registrar of information in the Register  
   127.    Authorisation to use information for purposes of proceedings  
   128.    Offence relating to protected information  
   129.    Exception for use of information in good faith  
   130.    No requirement to provide protected information  

           Division 4--Review of decisions

   130A.   ART review of decisions  
   130L.   Restriction on Treasurer's powers after review  
   130M.   Costs  

   PART 7A--THE--REGISTER OF FOREIGN OWNERSHIP OF AUSTRALIAN ASSETS

           Division 1--Simplified outline of this Part

   130P.   Simplified outline of this Part  

           Division 2--The Register of Foreign Ownership of Australian Assets

   130Q.   Register commencement day  
   130R.   Appointment of the Registrar  
   130S.   Registrar must keep Register  
   130T.   Information to be contained in the Register  
   130U.   Registrar may add information to the Register  
   130V.   Registrar may disclose information in the Register in certain circumstances  
   130W.   Giving notice to Registrar  
   130X.   Interests acquired by entering agreements etc.  
   130Y.   Agents may give notice  
   130Z.   Regulations may extend time for giving notice  

           Division 3--Requirements to give register notices to the Registrar

              Subdivision A--Requirements relating to interests in land

   130ZA.  Foreign person acquires interest in Australian land  
   130ZB.  Foreign person acquires interest in exploration tenement  
   130ZC.  Person becomes a foreign person while holding interest in land  
   130ZD.  Change in nature of interest in land  

              Subdivision B--Requirements relating to registrable water interests

   130ZE.  Foreign person acquires registrable water interest  
   130ZF.  Person becomes a foreign person while holding registrable water interest  
   130ZG.  Change to certain characteristics of a registrable water interest  

              Subdivision C--Requirements relating to interests in businesses or entities

   130ZH.  Foreign person takes action that is a significant action under section 40--entities  
   130ZI.  Foreign person takes action that is a significant action under section 41--businesses  
   130ZJ.  Foreign person takes action that is a notifiable action under section 47--entities and businesses  
   130ZK.  Foreign person takes action that is a notifiable national security action under section 55B  
   130ZL.  Foreign person takes action that is a reviewable national security action under section 55D--entities  
   130ZM.  Foreign person takes action that is a reviewable national security action under section 55E--businesses  
   130ZN.  Change in interest in an entity or business  
   130ZO.  Person becomes a foreign person while holding interest in an entity or business  
   130ZP.  Person becomes a foreign person while carrying on or holding interest in a national security business  

              Subdivision D--Requirements relating to registered circumstances

   130ZQ.  Registered circumstance ceases  
   130ZR.  Foreign person ceases to be a foreign person while registered circumstances exist  

              Subdivision E--Requirements relating to persons who die, or corporations that are wound up, before notice is given

   130ZS.  Requirement for executor or administrator to give notice for person who dies before giving notice  
   130ZT.  Requirement for corporate liquidator to give notice for corporation that is wound up before giving notice  

              Subdivision F--Prescribed requirements

   130ZU.  Regulations may require notice to be given to Registrar  

           Division 4--Consequences of failing to give notice to Registrar

   130ZV.  Civil penalty for failing to give notice to Registrar  

           Division 5--Miscellaneous

   130ZW.  Directions by Treasurer  
   130ZX.  Delegation  
   130ZY.  Report to the Parliament  
   130ZZ.  Data standards  

   PART 8--MISCELLANEOUS

   131.    Simplified outline of this Part  
   132.    Powers of courts  
   133.    Treasurer may require information  
   134.    Validity of acts done in contravention of this Act  
   135.    Manner of notification and application  
   135A.   Service of notices and other documents on persons who cannot be found, or who are not in Australia  
   136.    Withdrawal of applications and notices  
   137.    Delegation of powers or functions  
   138.    Powers of Commissioner of Taxation  
   139.    Regulations