Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015

Summary

Part of a package of three bills in relation to Australia’s foreign investment framework, the bill amends the: Foreign Acquisitions and Takeovers Act 1975 to: provide a statutory basis for the requirements that apply to foreign government investors; enable the transfer to the Australian Taxation Office of responsibility for administering certain aspects of regulating foreign investment, including residential real estate; introduce civil and criminal penalties; enable the lowering of screening thresholds for investments in the agricultural sector; provide for fees to be payable for foreign investment applications; amend the long title of the Act; and make amendments consequential on the Acts and Instruments (Framework Reform) Act 2015; and Anti-Money Laundering and Counter-Terrorism Financing Act 2006, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make consequential amendments.

Progress

House of Representatives
Introduced and read a first time	20 Aug 2015
Second reading moved	20 Aug 2015
Second reading debate	16 Sep 2015
Second reading debate	17 Sep 2015
Second reading agreed to	17 Sep 2015
Third reading agreed to	17 Sep 2015

Senate
Introduced and read a first time	17 Sep 2015
Second reading moved	17 Sep 2015
Second reading debate	11 Nov 2015
Second reading debate	23 Nov 2015
Second reading agreed to	23 Nov 2015
Committee of the Whole debate Amendment details: 2 Australian Greens agreed to	23 Nov 2015
Third reading agreed to	23 Nov 2015

House of Representatives
Consideration of Senate message Details: House agreed to Senate amendments	24 Nov 2015


Finally passed both Houses	24 Nov 2015
Assent Act no: 150 Year: 2015	25 Nov 2015

Documents and transcripts

Text of bill

First reading

As passed by both Houses

Explanatory memoranda

Explanatory memorandum

Transcript of speeches

Proposed amendments

Senate

Australian Greens [sheet 7809]
WHISH-WILSON, Sen Peter

Family First Party [sheet 7810]
DAY, Sen Bob

Independent [sheet 7792 revised]
LAZARUS, Sen Glenn
MADIGAN, Sen John
LAMBIE, Sen Jacqui

Independent [sheet 7782 revised]
XENOPHON, Sen Nick

Opposition [sheet 7778]
WONG, Sen Penny

Schedules of amendments

Schedule of the amendments made by the Senate

Bills digest

Bills Digest

Notes

Referred to Committee (20/08/2015): Senate Economics Legislation Committee; Committee report (14/10/2015)
An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.