20 Aug 2015
House of Representatives
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.