Commonwealth Numbered Regulations - Explanatory Statements

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FOREIGN ACQUISITIONS AND TAKEOVERS REGULATIONS (AMENDMENT) 1991 NO. 302

EXPLANATORY STATEMENT

STATUTORY RULES 1991 No. 302

ISSUED BY THE AUTHORITY OF THE TREASURER

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975

FOREIGN ACQUISITIONS AND TAKEOVERS REGULATIONS (AMENDMENT)

Section 39 of the Foreign Acquisitions and Takeovers Act 1975 (the Act) provides that the Governor-General may make regulations for the purposes of the Act. Subsection 12A(8) provides for regulations to be made removing specified categories of urban land acquisitions from notification or examination under the Act.

The new regulation 3 inserts a new paragraph (r) which will exempt from notification and examination under the Act the acquisition by a foreign interest of any residential property, including vacant land, dwellings under construction or established dwellings, within an integrated tourism resort that has been so designated by the Treasurer.

The purpose of the new regulation is to encourage further investment in Australian tourism by expanding the pool of potential investors.


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