Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 95A

  (1)   A person must not take an action relating to a residential land acquisition when prohibited by paragraph   79A(3)(b) or subsection   79A(4).

  (2)   A person who contravenes subsection   (1) is liable to a civil penalty.

Penalty

  (3)   The maximum penalty for the contravention is the greatest of the following:

  (a)   double the amount of the capital gain that was made or would be made on the disposal of the interest in the relevant residential land;

  (b)   50% of the consideration for the residential land acquisition;

  (c)   50% of the market value of the interest in the relevant residential land.

Note 1:   Consideration is defined by the regulations (see section   4).

Note 2:   For how to work out the capital gain, see section   98.