Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017 [2017] AUSStaCSBSD 314 (13 September 2017)

• Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017
• Retrospective application 10

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Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017

Purpose	This bill seeks to amend the Foreign Acquisitions and Takeovers Fees Imposition Act 2015 to set out the fee payable by a foreign person in relation to a residential dwelling which is left vacant
Portfolio	Treasury
Introduced	House of Representatives on 7 September 2017
Scrutiny principle	Standing Order 24(1)(a)(i)

Retrospective application ^[10]

1.12 This bill is related to Schedule 3 to the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 which seeks to implement an annual vacancy fee on foreign owners of residential real estate where the residential property is not occupied or genuinely available on the rental market for at least six months in a 12 month period.

1.13 The explanatory memorandum to the bills notes that these amendments will apply to foreign persons who submit a notice or an application to acquire residential land from 7.30pm on 9 May 2017.^[11] The committee has sought advice from the Treasurer in relation to the retrospective application of the proposed vacancy fees regime in its comments on the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017. Further detail is available at pages 21–22 of this Scrutiny Digest.

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[10] General comment. The committee draws Senators' attention to this bill pursuant to principle 1(a)(i) of the committee's terms of reference.

[11] Explanatory memorandum, p. 59.