Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee Streamlining and Other Measures) Act 2017 (69 of 2017)
Schedule 1 Fee streamlining
Part 1 Amendments
Foreign Acquisitions and Takeovers Fees Imposition Act 2015
3 Section 7
Repeal the section, substitute:
7 Fees for giving notice of notifiable actions
(1) The amount of the fee for giving a notice of a notifiable action under section 81 of the Foreign Acquisitions Act is worked out in accordance with the following table.
|
Fees for giving notice of notifiable actions |
||
|---|---|---|
|
Item |
If the notifiable action is … |
the amount of the fee is … |
|
1 |
(a) to acquire a direct interest in an Australian entity or Australian business that is an agribusiness; or (b) to acquire a substantial interest in an Australian entity |
(a) if the consideration for the acquisition is $10 million or less - $2,000; and (b) if the consideration is more than $10 million, and $1 billion or less - $25,300; and (c) if the consideration is more than $1 billion - $101,500. |
|
2 |
to acquire an interest in agricultural land |
(a) if the consideration for the acquisition is $2 million or less - $2,000; and (b) if the consideration for the acquisition is more than $2 million, and $10 million or less - $25,300; and (c) if the consideration is more than $10 million - $101,500. |
|
3 |
to acquire an interest in residential land |
(a) if the consideration for the acquisition is $1 million or less - $5,500; and (b) if the consideration for the acquisition is more than $1 million, and $10 million or less - the amount worked out under subsection (2); and (c) if the consideration for the acquisition is more than $10 million - the amount worked out under subsection (3). |
|
4 |
to acquire an interest in commercial land (whether the land is vacant or not) |
(a) if the consideration for the acquisition is $10 million or less - $2,000; and (b) if the consideration is more than $10 million, and $1 billion or less - $25,300; and (c) if the consideration is more than $1 billion - $101,500. |
|
5 |
to acquire an interest in a mining or production tenement |
$25,300. |
|
6 |
to take a notifiable action prescribed by regulations made for the purposes of section 48 of the Foreign Acquisitions Act |
the amount not exceeding $101,500 that is prescribed by regulations, or worked out using the method prescribed by regulations, made for the purposes of this item. |
Note 1: Consideration is defined by regulations made for the purposes of the Foreign Acquisitions Act (see section 4 of that Act).
Note 2: See also sections 10 (fees for internal reorganisations), 11 (regulations may lower fees) and 12 (indexation of fees) of this Act.
Fees for acquisition of interests in residential land - consideration more than $1 million, and $10 million or less
(2) For the purposes of paragraph (b) of item 3 of the table in subsection (1), the amount of the fee is worked out as follows:
Method statement
Step 1. Apply the following formula:
Round the resulting amount down to the nearest whole number, if necessary.
Step 2. Multiply the step 1 amount by $10,000.
Step 3. Multiply the step 2 amount by 1.015. Round the resulting amount down to the nearest multiple of $100, if necessary.
Step 4. Add to the step 3 amount the amount that is 10% of the step 3 amount. Round the resulting amount down to the nearest multiple of $100, if necessary.
Step 5. The step 4 amount is the amount of the fee.
Fees for acquisition of interests in residential land - consideration more than $10 million
(3) For the purposes of paragraph (c) of item 3 of the table in subsection (1), the amount of the fee is worked out as follows:
Method statement
Step 1. Apply the following formula:
Round the resulting amount down to the nearest whole number, if necessary.
Step 2. Multiply the step 1 amount by $10,000.
Step 3. Multiply the step 2 amount by 1.030. Round the resulting amount down to the nearest multiple of $100, if necessary.
Step 4. The step 3 amount is the amount of the fee.