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FOREIGN ACQUISITIONS AND TAKEOVERS LEGISLATION AMENDMENT REGULATIONS 2009 (NO. 1) (SLI NO 53 OF 2009) - SCHEDULE 2

Amendments of Foreign Acquisitions and Takeovers Regulations 1989 commencing on day after registration

(regulation 4)

 

[1]           Regulation 2, definition of accommodation facility

omit

[2]           Regulation 2, after definition of spouse

insert

"temporary resident" means a person:

                (a)    who resides in Australia; and

               (b)    who is the holder of a temporary visa within the meaning of the Migration Act 1958 ; and

                (c)    to whom one of the following circumstances applies:

                          (i)    if the person holds a bridging visa -- the person has applied for a permanent visa under that Act and the application has not been withdrawn or otherwise finally determined;

                         (ii)    if the person holds any other temporary visa -- the visa permits the person to remain in Australia for a continuous period of more than 12 months.

[3]           Paragraph 3 (p)

substitute

               (p)    if:

                          (i)    the acquisition is of an interest:

                                   (A)     in non-residential commercial land; or

                                   (B)     in land that comprises a hotel, motel, hostel or guesthouse, or an individual dwelling that is part of a hotel, motel, hostel or guesthouse; and

                         (ii)    the land is valued at:

                                   (A)     for land which is being acquired by a prescribed foreign investor -- less than:

                                                (I)     for the calendar year 2009 -- $953 000 000; or

                                               (II)     for any later calendar year -- the amount worked out under regulation 13; and

                                   (B)     for land the whole or part of which is entered in the Register of the National Estate and the interest is being acquired by a foreign person other than a prescribed foreign investor -- less than $5 000 000; and

                                   (C)     in any other case -- less than $50 000 000; and

                         (iii)    the land is not vacant land;

[4]           Paragraph 3 (s)

omit

[5]           Sub-subparagraph 3 (v) (iv) (B)

omit

that interest.

insert

that interest;

[6]           After paragraph 3 (v)

insert

               (w)    if:

                          (i)    the foreign person is:

                                   (A)     a temporary resident; or

                                   (B)     an Australian corporation that is a foreign person only because of a direct interest held in it by a person referred to in sub‑subparagraph (i) (A); or

                                   (C)     the trustee of a trust estate, where the trustee is a foreign person only because of a direct interest held in the trust by a person referred to in sub-subparagraph (i) (A); and

                         (ii)    the acquisition is of an interest in land that is zoned as residential property, and one or more of the following circumstances apply:

                                   (A)     the acquisition is of a single residential block of vacant land that is zoned to permit the construction of no more than one residential dwelling on the block and the person does not have an interest in any vacant land adjacent to the land to be acquired;

                                   (B)     the acquisition is of an interest in land on which a single established residential dwelling exists that is to be used as the person's principal place of residence;

                                   (C)     the acquisition is of an interest in land on which a new residential dwelling exists.


 



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