Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 (150 of 2015)

Schedule 3   Application and transitional provisions for Schedules 1 and 2 and Fees Imposition Act

4   Actions taken during transitional period in relation to Australian rural land

Requirement to give notice

(1) A foreign person who acquires an interest in Australian rural land during the transitional period must notify the Treasurer in accordance with section 135 of the new provisions unless the person has notified the Treasurer of the acquisition or proposed acquisition before commencement.

(2) A notice given under this item must be given within 30 days of commencement.

(3) A notice given under this item is taken to have been given under section 81 of the new provisions.

Offence

(4) A person commits an offence if:

(a) the person is a foreign person; and

(b) the person acquires an interest in Australian rural land; and

(c) the acquisition occurs during the transitional period; and

(d) the person does not notify the Treasurer of the acquisition during the transitional period; and

(e) the person does not notify the Treasurer of the acquisition in accordance with this item.

Penalty: Imprisonment for 3 years, or 750 penalty units, or both.

Civil penalty provisions

(5) A person must not contravene subitem (1) or (2).

Civil penalty: 250 penalty units.

(6) Section 99 of the new provisions applies as if the civil penalty provisions in subitems (1) and (2) were civil penalty provisions of the Foreign Acquisitions and Takeovers Act 1975.

References to agricultural land

(7) The new provisions apply in relation to an interest in Australian rural land to which this item applies as if a reference to agricultural land were a reference to Australian rural land.