FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975

Table of Provisions

PART 1--PRELIMINARY

Division 1--Preliminary

• 1 Short title  
• 2 Commencement  
• 3 Simplified outline of this Act  

Division 2--Definitions

• 4 Dictionary of definitions  
Subdivision B--Some defined terms and rules of interpretation
• 5 Meaning of ordinarily resident  
• 6 Meaning of associate  
• 7 Meaning of independent director  
• 8 Meaning of Australian business  
• 9 Meaning of interest in a security  
• 10 Meaning of interest in an asset  
• 11 Meaning of interest in a trust  
• 12 Meaning of interest in Australian land  
• 13 Interests that are remote or subject to restraint etc.  
• 14 Interests held or acquired jointly  
• 15 Interests acquired by entering agreements or acquiring options  
• 16 Meaning of proposes to take certain action  
• 17 Meanings of interest and aggregate interest of a specified percentage in an entity  
• 18 Rules relating to determining percentages of interests in entities  
• 19 Tracing of substantial interests in corporations and trusts  
• 20 Meaning of acquire an interest of a specified percentage in an entity  
• 21 Meanings of subsidiary and holding entity  
• 22 Meanings of voting power and potential voting power  
• 23 Meaning of controls the voting power  
• 24 Meaning of determines the policy of a business of exploiting a mining or production tenement  
• 25 Meaning of enters an agreement  
• 26 Meaning of sensitive business  
• 27 Regulations to provide in relation to valuing assets  
• 28 Acts done by agents  

Division 3--Application of this Act

• 29 Application of this Act to individuals and entities  
• 30 Extension to external Territories  
• 31 Extraterritoriality  
• 32 Extension to exclusive economic zone and continental shelf  
• 33 This Act binds the Crown  
• 34 Concurrent operation of State and Territory laws  
• 35 General severability  
• 36 Severability relating to Australian businesses  
• 37 Regulations providing for exemptions  

PART 2--MEANING OF SIGNIFICANT ACTION AND NOTIFIABLE ACTION

Division 1--Simplified outline of this Part

• 38 Simplified outline of this Part  

Division 2--Meaning of significant action

• 39 Simplified outline of this Division  
• 40 Meaning of significant action--entities  
• 41 Meaning of significant action--businesses  
• 42 Action taken in relation to agribusinesses  
• 43 Meaning of significant action--land  
• 44 Meaning of significant action--actions prescribed by the regulations  
• 45 Actions that are not significant actions--exemption certificates  

Division 3--Meaning of notifiable action

• 46 Simplified outline of this Division  
• 47 Meaning of notifiable action--general  
• 48 Meaning of notifiable action--actions prescribed by the regulations  
• 49 Actions that are not notifiable actions--exemption certificates  

Division 4--The threshold test and change in control

• 50 Simplified outline of this Division  
Subdivision B--The threshold test
• 51 The threshold test for entities and businesses  
• 52 The threshold test for land  
• 53 The threshold test in relation to actions of more than one kind  
Subdivision C--Change in control
• 54 Change in control  
Subdivision D--Regulations
• 55 Regulations  

Division 5--Exemption certificates

• 56 Simplified outline of this Division  
• 57 Exemption certificates for new dwellings  
• 58 Exemption certificates for foreign persons  
• 59 Exemption certificates for established dwellings  
• 60 Other matters that may be specified by exemption certificates  
• 61 Time limit for making decisions on exemption certificates  
• 62 Variation or revocation of exemption certificates  
• 63 Exemption certificates provided for by the regulations  

Division 6--Entities whose securities are stapled and entities operating on a unified basis

• 64 Simplified outline of this Division  
• 65 Entities whose securities are stapled and entities operating on a unified basis  

PART 3--POWERS OF TREASURER

Division 1--Simplified outline of this Part

• 66 Simplified outline of this Part  

Division 2--Powers of Treasurer

• 67 Order prohibiting proposed significant actions  
• 68 Interim orders  
• 69 Disposal orders  
• 70 Limitation on making disposal orders  
• 71 Variation and revocation of orders  
• 72 Registration and commencement of orders  
• 73 Actions of more than one kind  
Subdivision B--Other powers of Treasurer
• 74 No objection notification imposing conditions  
• 75 No objection notification not imposing conditions  
• 76 Content of notification  

Division 3--Provisions relating to powers of Treasurer

• 77 Time limit on making orders and decisions  
• 78 Anti-avoidance  
• 79 Persons involved in avoidance taken to be associates  

PART 4--NOTICE OF NOTIFIABLE ACTIONS AND SIGNIFICANT ACTIONS

• 80 Simplified outline of this Part  
• 81 Compulsory notice of notifiable actions  
• 82 Limitation on taking significant actions after notice given  

PART 5--OFFENCES AND CIVIL PENALTIES

Division 1--Simplified outline of this Part

• 83 Simplified outline of this Part  

Division 2--Offences

• 84 Failing to give notice  
• 85 Taking significant action before end of period  
• 86 Contravening orders under Part 3  
• 87 Contravening conditions  
• 88 Failing to advertise new dwellings  

Division 3--Civil penalties

• 89 Contravening orders under Part 3  
Subdivision B--Civil penalties relating to actions
• 90 This Subdivision does not apply to actions relating to interests in residential land  
• 91 Failing to give notice  
• 92 Taking significant action before end of period  
• 93 Contravening conditions  
Subdivision C--Civil penalties relating to residential land
• 94 Acquisition of interests in residential land  
• 95 Acquisition of interests in established dwellings  
• 96 Contravening conditions in relation to residential land  
• 97 Persons contravening conditions  
• 98 Working out capital gains  

Division 4--Miscellaneous

• 99 Civil penalty provisions  
• 100 Infringement notices  
• 101 Meanings of tier 1 infringement notice and tier 2 infringement notice  
Subdivision B--Liability of officers of corporations
• 102 Liability of officers of corporations authorising or permitting contraventions  
• 103 Civil penalties for officers of corporations failing to prevent contraventions  
Subdivision C--Recovering unpaid penalties
• 104 Creation of charge on land  
• 105 Treasurer's declaration relating to charge  
• 106 Effect of charge on land  
• 107 Vesting of interest in land  
• 108 When the Commonwealth can begin dealing with interests in land  
• 109 Disposing of interests in land  
• 110 Exemption from stamp duty and other State or Territory taxes and fees  
• 111 Compensation for acquisition of property  

PART 6--FEES IN RELATION TO ACTIONS

• 112 Simplified outline of this Part  
• 113 When fees are payable  
• 114 Requirement for fees to be paid before Treasurer exercises powers  
• 115 Waiver and remission of fees  

PART 6A--VACANCY FEES FOR FOREIGN ACQUISITIONS OF RESIDENTIAL LAND

Division 1--Simplified outline of this Part

• 115A Simplified outline of this Part  

Division 2--Vacancy fees

• 115B Scope of this Division--persons and land  
• 115C Liability for vacancy fees  
• 115D Vacancy fee liability--vacancy fee return  
• 115E Vacancy fee liability--notice of liability for vacancy fee  
• 115F Vacancy fee liability--due date  
• 115G Vacancy fee liability--requirement to keep records  
• 115H Vacancy fee liability--waiver and remission  

Division 3--Vacancy fees

• 115J Vacancy fee recovery--as a debt  
• 115K Vacancy fee recovery--creation of charge over Australian land  
• 115L Vacancy fee recovery--Treasurer's declaration relating to charge over land  
• 115M Vacancy fee recovery--effect of charge on land  
• 115N Vacancy fee recovery--court order authorising vesting of interest in Commonwealth  
• 115P Vacancy fee recovery--vesting of interest in land  
• 115Q When the Commonwealth can begin dealing with interests in land  
• 115R Vacancy fee recovery--disposing of interests in land  
• 115S Vacancy fee recovery--exemption from stamp duty and other State or Territory taxes and fees  
• 115T Vacancy fee recovery--compensation for acquisition of property  

PART 7--RECORD-KEEPING AND CONFIDENTIALITY OF INFORMATION

Division 1--Simplified outline of this Part

• 116 Simplified outline of this Part  

Division 2--Record-keeping

• 117 What records must be made and kept  
• 118 Making and keeping records  
• 119 Offence for failing to make and keep records  

Division 3--Confidentiality of information

• 120 Meaning of protected information  
• 121 Authorisation of disclosures etc. of protected information for the purposes of this Act  
• 122 Authorisation of disclosures to Commonwealth Ministers and Commonwealth entities  
• 123 Authorisation of disclosures relating to law enforcement  
• 124 Authorisation of disclosures of periodic aggregate information  
• 125 Authorisation of disclosures of information in the public domain  
• 126 Authorisation of disclosures where consent or to person who gave information or related entity  
• 127 Authorisation to use information for purposes of proceedings  
• 128 Offence relating to protected information  
• 129 Exception for use of information in good faith  
• 130 No requirement to provide information  

PART 8----MISCELLANEOUS

• 131 Simplified outline of this Part  
• 132 Powers of courts to enforce Treasurer's orders  
• 133 Treasurer may require information  
• 134 Validity of acts done in contravention of this Act  
• 135 Manner of notification and application  
• 135A Service of notices and other documents on persons who cannot be found, or who are not in Australia  
• 136 Withdrawal of applications and notices  
• 137 Delegation of powers or functions  
• 138 Powers of Commissioner of Taxation  
• 139 Regulations