Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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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

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Explanatory memoranda

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Proposed amendments

Senate

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Schedules of amendments

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Bills digest

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Notes

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.