AdministratorWhat is the Foreign Acquisitions and Takeovers Act?
It empowers the Treasurer to examine proposed acquisitions of interests in Australian urban land and make an order prohibiting those that he considers would be contrary to the national interest. The FATA applies to acquisitions, or proposed acquisitions, of interests in ‘Australian urban land’ (see section 12A).
What is the purpose of the Foreign Acquisitions and Takeovers Act 1975?
The FATA empowers the Treasurer to examine proposals by foreign persons to: acquire, or to increase, a substantial shareholding1 in, or acquire a controlling interest in the assets of, a prescribed Australian corporation valued above the relevant thresholds;2 or. acquire an interest in Australian urban land.
What is a foreign acquisition?
Foreign Acquisition means an acquisition of all or any substantial portion of the assets of a business unit of a Foreign Person or all or any substantial portion of the Capital Stock or other ownership interests of a Foreign Person, whether through a purchase, merger, consolidation or otherwise.
Who is a foreign person FIRB?
DEFINITION OF ‘FOREIGN PERSON’ Foreign person is defined in section 4 of the Act to mean the following: (a) an individual not ordinarily resident in Australia; or. (b) a corporation in which an individual not ordinarily resident in Australia, a foreign. corporation or a foreign government holds a substantial interest; …
Is the entity a foreign person as defined under the Foreign Acquisitions and Takeover Act 1975?
“foreign entity” means an entity that is not an Australian entity. (c) a part of a body politic mentioned in paragraph (a) or (b). “foreign government investor” has the meaning prescribed by the regulations. (g) any other person, or any other person that meets the conditions, prescribed by the regulations.
Who requires FIRB approval?
Proposed investments in agricultural land generally need FIRB approval when the total value of a foreign person’s agricultural land holdings exceeds $15 million, with exceptions applying to investors from Australia’s trade agreement partners and a $0 threshold applying to Foreign Government investors.
Who needs FIRB approval?
Can non permanent residents buy property in Australia?
If you’re a non-resident or a temporary visa holder, you’re legally required to get permission from the Foreign Investment Review Board (FIRB) to buy property in Australia. Australian citizens, Australian permanent residents and New Zealand (NZ) citizens don’t require FIRB approval.
When did the foreign acquisitions and takeovers Act come into force?
Foreign Acquisitions and Takeovers Act 1975 – C2021C00022 In force- Latest Version View Series Act No. 92 of 1975 as amended, taking into account amendments up to Australia’s Foreign Relations (State and Territory Arrangements) (Consequential Amendments) Act 2020
What is the foreign acquisition and Control Act?
An Act relating to the foreign acquisition of certain land interests and to the foreign acquisition and foreign control of certain business enterprises and mineral rights Administered by: Treasury Incorporated Amendments
When does this act not apply in relation to acquisitions?
(1) The regulations may provide that this Act, or specified provisions of this Act, do not apply in relation to any of, or any combination of, the following: (a) acquisitions of the kind or in the circumstances prescribed by the regulations;
What is a foreign acquisition under Section 57?
(a) the action is a foreign person acquiring an interest in a new dwelling that will be, is being or has been built on another interest (the development interest) in Australian land; and (b) the acquisition was from a person who was specified in an exemption certificate in force under section 57; and