Commonwealth Numbered Regulations

FOREIGN ACQUISITIONS AND TAKEOVERS REGULATION 2015 (SLI NO 217 OF 2015) - REG 53

             (1)  For subsection 139(2) of the Act, a value prescribed in a section of this Part (except in subsection 52(4) or item 2 of the table in subsection 52(5)) is to be indexed each calendar year. This section explains how to work out the value (the indexed value ) for a calendar year.

Note:          Subsection 52(4) prescribes the threshold value for agricultural land. Item 2 of the table in subsection 52(5) prescribes the threshold value for certain land being acquired by an enterprise or national of Singapore or Thailand (other than a foreign government investor).

Indexation

             (2)  The indexed value for the year is worked out in accordance with the formula:

Rounding

             (3)  If an indexed value worked out under subsection (2) would not be a multiple of $1 000 000, the indexed value is rounded to the nearest multiple of $1 000 000 (rounding up if the indexed value ends in $500 000).

Indexation only to increase values

             (4)  However, if the value worked out under subsection (2) for a year (after any rounding under subsection (3)) is less than the existing value for the year, the indexed value for the year is that existing value.

Changes by the Australian Bureau of Statistics

             (5)  Values are to be worked out under this section:

                     (a)  using only the index numbers published in terms of the most recently published index reference period for the GDP implicit price deflator value; and

                     (b)  disregarding GDP implicit price deflator values that are published in substitution for previously published GDP implicit price deflator values (except where the substituted numbers are published to take account of changes in the index reference period).

Definitions

             (6)  In this instrument:

"existing value " for a year means:

                     (a)  if a value specified in a section of this Part has not been previously increased under this section--the original value; or

                     (b)  otherwise--the indexed value for the previous year.

"GDP implicit price deflator value for a calendar year means the GDP implicit price deflator value that was published by the Australian Bureau of Statistics in the publication Australian System of National Accounts" (cat. 5204.0) for the last financial year that ended before the calendar year.