Treasury Laws Amendment (Housing Tax Integrity) Act 2017 (126 of 2017)

Schedule 3   Vacancy fees for foreign acquisitions of residential land

Part 2   Application of amendments

12   Application of amendments relating to vacancy fees

(1) The amendments of the Foreign Acquisitions and Takeovers Act 1975 in Part 1 of this Schedule apply in relation to an acquisition of residential land by a foreign person if the acquisition is covered by subitem (2).

(2) This subitem covers an acquisition of residential land by a foreign person if, after 7.30 pm on 9 May 2017:

(a) for an acquisition that is a notifiable action:

(i) the person gave notice of the action under section 81 of that Act; or

(ii) the Treasurer made an order to which item 3 of subsection 67(3) of that Act relates covering the acquisition (directing that an interest in Australian land may be acquired only to a specified extent); or

(iii) the Treasurer gave the person a no objection notification under section 74 of that Act that covers the action; or

(b) for an acquisition that would be a notifiable action were it not for section 49 of that Act (actions that are not notifiable actions - exemption certificates) - an application is made for any of the following exemption certificates covering the acquisition:

(i) an exemption certificate under section 57 of that Act (exemption certificates for new dwellings);

(ii) an exemption certificate under section 59 of that Act (exemption certificates for established dwellings);

(iii) a residential land (near-new dwelling interests) certificate within the meaning of the Foreign Acquisitions and Takeovers Regulation 2015;

(iv) a residential land (other than established dwellings) certificate within the meaning of that Regulation;

(v) any other exemption certificate prescribed for the purposes of section 63 of that Act that relates to the acquisition of residential land.

(3) The amendments apply in relation to an acquisition of land covered by subitem (2) regardless of whether the land is acquired before or after 7.30 pm on 9 May 2017.