Foreign Acquisitions and Takeovers Act 1975

PART 6A - VACANCY FEES FOR FOREIGN ACQUISITIONS OF RESIDENTIAL LAND  

Division 3 - Vacancy fees: recovery of unpaid fees  

SECTION 115K   VACANCY FEE RECOVERY - CREATION OF CHARGE OVER AUSTRALIAN LAND  

115K(1)    
This section applies in relation to Australian land in which a person has an interest if:


(a) the person is liable to pay a vacancy fee under section 115C in relation to that land or any other Australian land in which the person holds an interest; and


(b) the vacancy fee is due for payment under section 115F , and has not been paid; and


(c) the interest in Australian land can be registered on a land register; and


(d) the Treasurer makes a declaration under section 115L that this section applies in relation to the interest.

Note: Subsection (4) contains an exception to this section (proceeds of crime orders).



Creation of charge

115K(2)    
A charge is created on the land to secure the payment of the following amounts:


(a) amounts of vacancy fees ( unpaid vacancy fees ) that are due for payment under section 115F , and have not been paid, in relation to that land or any other interest in land held by the person;


(b) any amounts of pecuniary penalties ( unpaid vacancy penalties ) payable for contravention by the person of the following provisions, if the amounts have not been paid:


(i) subsection 115D(1) (which deals with vacancy fee returns);

(ia) subsection 115DA(1) (vacancy fee liability - false or misleading vacancy fee return);

(ii) subsection 115G(1) (which deals with the requirement to keep records).

115K(3)    
The charge under subsection (2) is created at the time the declaration under section 115L comes into force.

Exception in relation to proceeds of crime orders

115K(4)    
This section does not apply if at the time mentioned in subsection (3):


(a) a restraining order is in force in relation to the land under Part 2-1 of the Proceeds of Crime Act 2002 ; or


(b) a forfeiture order is in force in relation to the land under Part 2-2 of that Act; or


(c) an order (however described) of a kind prescribed by the regulations is in force in relation to the land under a law of the Commonwealth, a State or a Territory.




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