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This is a Bill, not an Act. For current law, see the Acts databases.
2019-2020
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Foreign Acquisitions and Takeovers Fees
Imposition Amendment Bill 2020
No. , 2020
(Treasury)
A Bill for an Act to amend the
Foreign Acquisitions
and Takeovers Fees Imposition Act 2015
, and for
related purposes
No. , 2020
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill
2020
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Foreign Acquisitions and Takeovers Fees Imposition Act 2015
3
No. , 2020
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill
2020
1
A Bill for an Act to amend the
Foreign Acquisitions
1
and Takeovers Fees Imposition Act 2015
, and for
2
related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act is the
Foreign Acquisitions and Takeovers Fees
6
Imposition Amendment
Act 2020
.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill
2020
No. , 2020
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The later of:
(a) the day after this Act receives the Royal
Assent; and
(b) the day Schedule 1 to the
Foreign
Investment Reform (Protecting
Australia's National Security)
Act 2020
commences.
However, the provisions do not commence
at all if the event mentioned in paragraph (b)
does not occur.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Amendments
Schedule 1
No. , 2020
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill
2020
3
Schedule 1--Amendments
1
2
Foreign Acquisitions and Takeovers Fees Imposition Act
3
2015
4
1 Subsection 4(1)
5
Repeal the following definitions:
6
(a) definition of
base amount
;
7
(b) definition of
base financial year
.
8
2 Subsection 4(1)
9
Insert:
10
indexation factor
has the meaning given by section 8.
11
3 Subsection 4(1) (definition of
indexed amount
)
12
Repeal the definition.
13
4 Subsection 4(1) (definition of
index number
)
14
Repeal the definition, substitute:
15
index number
has the meaning given by section 9.
16
5 Subsection 4(1) (definition of
internal reorganisation
)
17
Repeal the definition.
18
6 Subsection 4(1) (definition of
quarter
)
19
Repeal the definition, substitute:
20
quarter
means a period of 3 months ending on 31 March, 30 June,
21
30 September or 31 December.
22
7 Part 2
23
Repeal the Part, substitute:
24
Schedule 1
Amendments
4
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill
2020
No. , 2020
Part 2--Imposition and amounts of fees
1
2
5 Imposition of fees
3
A fee payable under:
4
(a) Part 6 (fees in relation to actions); or
5
(b) Part 6A (vacancy fees for foreign acquisitions of residential
6
land);
7
of the Foreign Acquisitions Act is imposed as a tax by this section.
8
6 Amounts of fees
9
(1) The amount of a fee imposed by section 5 is the amount worked
10
out in accordance with regulations made for the purposes of this
11
subsection.
12
(2) Without limiting subsection (1), the regulations may do one or
13
more of the following:
14
(a) specify an amount or a method for determining an amount;
15
(b) specify different amounts or methods for:
16
(i) different kinds of fees; or
17
(ii) different kinds of persons liable to pay a kind of fee; or
18
(iii) different kinds of circumstances giving rise to the
19
liability to pay a kind of fee;
20
(c) specify a nil amount, or a method resulting in a nil amount;
21
(d) specify a method for a kind of fee when such a fee is one of 2
22
or more fees payable in relation to a single agreement;
23
(e) specify a method for a kind of fee payable in relation to an
24
action if that action is covered by more than one provision of
25
the Foreign Acquisitions Act or Foreign Acquisitions
26
Regulation (because the action is an action of more than one
27
kind);
28
(f) specify a method for a kind of fee that:
29
(i) initially determines an amount; and
30
(ii) later determines a lower replacement amount (including
31
a nil amount) if specified circumstances arise after the
32
fee becomes payable.
33
Paragraphs (c) to (f) do not limit paragraph (b).
34
Amendments
Schedule 1
No. , 2020
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill
2020
5
Note:
A method for determining an amount could, for example, include:
1
(a) indexation; or
2
(b) providing for a lower amount if certain circumstances exist; or
3
(c) reducing the amount to nil if another person who is jointly and
4
severally liable for the fee pays the fee.
5
Cap on the amount of a fee
6
(3) The amount of a fee imposed by section 5 must not exceed $1
7
million.
8
7 Indexation of fee cap
9
(1) The amount referred to in subsection 6(3) is to be indexed on the
10
first day of each financial year starting on or after 1 July 2021. The
11
amount is indexed by multiplying it by its indexation factor.
12
(2) If after indexation the amount is not a multiple of $100, round
13
down the indexed amount to the nearest multiple of $100.
14
(3) If the indexed amount worked out under subsection (1) for a
15
financial year (the
current year
) (after any rounding under
16
subsection (2)) is less than the indexed amount for the previous
17
financial year, the indexed amount for the current year is the
18
indexed amount for the previous financial year.
19
8 Indexation factor
20
(1) The
indexation factor
is:
21
Sum of the index numbers for the 4 quarters in the year ending on
31 March just before the start of the relevant financial year
Sum of the index numbers for the 4 quarters in the year ending on
31 March in the financial year before the financial year
in which this section commences
22
(2) Work out the indexation factor to 3 decimal places (rounding up if
23
the fourth decimal place is 5 or more).
24
Example: If the factor is 1.102795, it would be rounded up to 1.103.
25
Schedule 1
Amendments
6
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill
2020
No. , 2020
9 Index number
1
The
index number
for a quarter is the All Groups Consumer Price
2
Index number (being the weighted average of the 8 capital cities)
3
first published by the Australian Statistician for the quarter.
4
8 Application of amendments
5
The amendments made by this Schedule apply in relation to fees that
6
become payable on or after 1 January 2021.
7