Foreign Acquisitions and Takeovers Regulation 2015 (Cth)

PART 3 - EXEMPTIONS  

Division 4 - Other exemptions  

Subdivision B - Exemption certificates  

SECTION 43A   EXEMPTION CERTIFICATES FOR RESIDENTIAL LAND (NEAR-NEW DWELLING INTERESTS)  

43A(1)    
A person may apply for a certificate under this section (a residential land (near-new dwelling interests) certificate ) if:

(a) the person has acquired, or will acquire, an interest in Australian land; and

(b) the person has built, or proposes to build, new dwellings on that land; and

(c) some or all of the interests in those dwellings are, or may become, near-new dwelling interests; and

(d) the person proposes to dispose of the near-new dwelling interests to foreign persons.

Note: See also Part 6 (fees) and section 135 (manner of notification and application) of the Act.

43A(2)    
The Treasurer may give a certificate if the Treasurer is satisfied that the disposal of the near-new dwelling interests to foreign persons is not contrary to the national interest.

43A(3)    
The certificate must specify:

(a) the person (who may not yet be incorporated or established) to whom the certificate relates; and

(b) that the certificate covers interests that are, or could be, near-new dwelling interests.

Note: For other things that the certificate may specify, see section 60 of the Act.

43A(4)    
For the purposes of subsections 45(3) and 49(2) of the Act, an action is not a significant action or a notifiable action if:

(a) the action is a foreign person acquiring a near-new dwelling interest; and

(b) the acquisition was from a person (the specified person ) who was specified in a residential land (near-new dwelling interests) certificate; and

(c) the interest is specified in the certificate; and

(d) the specified person provided the foreign person with a copy of that certificate before the foreign person acquired the interest; and

(e) either:

(i) the conditions (if any) specified in the certificate were met; or

(ii) the foreign person is not, at the time of the action, aware that one or more of the conditions specified in the certificate have not been met.