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
1 Subsections 6(1) and (2)
Repeal the subsections, substitute:
Fees generally
(1) The amount of the fee for an application for an exemption certificate, or an application for a variation of an exemption certificate, is worked out in accordance with the following table.
|
Fees for certificates |
||
|---|---|---|
|
Item |
The amount of the fee for an application for … |
is … |
|
1 |
an exemption certificate under section 57 (new dwellings) of the Foreign Acquisitions Act |
$25,700. |
|
2 |
an exemption certificate under section 58 (foreign persons) of the Foreign Acquisitions Act |
$35,000. |
|
3 |
an exemption certificate under section 59 (established dwellings) of the Foreign Acquisitions Act |
(a) if the application specifies that the consideration for the acquisition will be $1 million or less - $5,500; and (b) if the application specifies that the consideration for the acquisition will be more than $1 million, and $10 million or less - the amount worked out under subsection (2); and (c) if the application specifies that the consideration for the acquisition will be more than $10 million - the amount worked out under subsection (2A). |
|
4 |
an exemption certificate given under regulations made for the purposes of section 63 of the Foreign Acquisitions Act |
(a) if the exemption certificate is a residential land (other than established dwellings) certificate within the meaning of those regulations - the amount, not exceeding the amount of the fee that would be payable if the application were for an exemption certificate under section 59 of the Foreign Acquisitions Act, that is: (i) prescribed by regulations made for the purposes of this paragraph; or (ii) worked out using the method prescribed by regulations made for the purposes of this paragraph; or (b) otherwise - the amount not exceeding $35,000 that is prescribed by regulations, or worked out using the method prescribed by regulations, made for the purposes of this paragraph. |
|
5 |
a variation of an exemption certificate under section 62 of the Foreign Acquisitions Act |
(a) $5,100, if the application is for a variation of an exemption certificate given under sections 57 and 59 of the Foreign Acquisitions Act; or (b) $5,100, if: (i) the application is for a variation of an exemption certificate given under regulations made for the purposes of section 63 of the Foreign Acquisitions Act; and (ii) the exemption certificate given under the regulations relates to residential land; or (c) $10,100, if the application is for a variation of any other exemption certificate under the Foreign Acquisitions Act, or provided for in regulations made under section 63 of that Act. |
Note 1: For table item 1, see also subsection (3).
Note 2: Consideration is defined by regulations made for the purposes of the Foreign Acquisitions Act (see section 4 of that Act).
Note 3: See also sections 11 (regulations may lower fees) and 12 (indexation of fees) of this Act.
Fees for applications for exemption certificates - 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 applications for exemption certificates - consideration more than $10 million
(2A) 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.
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