Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017 - Commentary on Ministerial Responses [2017] AUSStaCSBSD 358 (18 October 2017)

• Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017
• Retrospective application98

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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
Bill status	Before House of Representatives
Scrutiny principle	Standing Order 24(1)(a)(i)

2.165 The committee dealt with this bill in Scrutiny Digest No. 11 of 2017. The Treasurer responded to the committee's comments in a letter dated 3 October 2017. A copy of the letter is available on the committee's website.^[97]

Retrospective application^[98]

2.166 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.

2.167 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.^[99] The committee 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. The response and the committee's final comment in relation to this issue are set out at pages148–154 of this Scrutiny Digest.

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[97] See correspondence relating to Scrutiny Digest No. 11 of 2017 available at: www.aph.gov.au/senate_scrutiny_digest

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

[99] Explanatory memorandum, p. 59.