FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975

Table of Provisions

• Long Title

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  
• 8A Meaning of starts a national security business  
• 8B Meaning of starts an Australian business  
• 9 Meaning of interest in a security  
• 10 Meaning of interest in an asset  
• 11 Meaning of interest in a trust  
• 11A Meaning of interest in an unincorporated limited partnership  
• 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  
• 16A Meaning of interest of a specified percentage in a business  
• 17 Meanings of interest and aggregate interest of a specified percentage in an entity or unincorporated limited partnership  
• 18 Rules relating to determining percentages of interests in entities  
• 18A Increasing percentage of interests without acquiring additional interests in securities  
• 19 Tracing of substantial interests in corporations, trusts and unincorporated limited partnerships  
• 19A Meaning of acquire an interest of a specified percentage in a business  
• 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  
• 26A Meaning of registrable water entitlement  
• 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, entities and unincorporated limited partnerships  
• 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--ACTIONS--TO WHICH THIS ACT APPLIES

Division 1--Simplified outline of this Part

• 38 Simplified outline  

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 4A--Meaning of notifiable national security action

• 55A Simplified outline  
Subdivision B--Meaning of notifiable national security action
• 55B Meaning of notifiable national security action  

Division 4B--Meaning of reviewable national security action

• 55C Simplified outline  
Subdivision B--Meaning of reviewable national security action
• 55D Meaning of reviewable national security action--entities  
• 55E Meaning of reviewable national security action--businesses  
• 55F Meaning of reviewable national security action--land  
• 55G Actions that are not reviewable national security actions--exemption certificates  

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  
• 61A Treasurer may extend period by up to 90 days  
• 62 Variation or revocation of exemption certificates--general  
• 62A Variation or revocation of exemption certificates--false or misleading information or documents  
• 62B Effect of revocation or variation of exemption certificate  
• 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 1A--Review of reviewable national security actions

• 66A National security review of actions  

Division 2--Orders relating to actions that are, or whose result would be, contrary to national security or the national interest

• 67 Order prohibiting proposed actions  
• 68 Interim orders  
• 69 Disposal orders  
• 70 Limitation on making disposal orders  
Subdivision B--No objection notifications
• 74 No objection notification imposing conditions  
• 75 No objection notification not imposing conditions  
• 76 Content of notification  
• 76A Revocation of no objection notification  
Subdivision C--Time limits on making orders and decisions
• 77 Time limit on making orders and decisions  
• 77A Treasurer may extend decision period by up to 90 days  
Subdivision D--Anti-avoidance
• 78 Anti - avoidance  
• 79 Persons involved in avoidance taken to be associates  

Division 3--Last resort powers: orders to deal with national security risks arising after an initial assessment

• 79A National security review required before orders may be made  
• 79B When an action creates a national security risk  
Subdivision B--Orders
• 79C Considerations required by Treasurer before any order given  
• 79D Order prohibiting proposed actions  
• 79E Disposal orders  
Subdivision C--Other powers of Treasurer
• 79F Considerations required by Treasurer before any power exercised  
• 79G Varying or revoking conditions of no objection notification  
• 79H Notice imposing conditions  
• 79J Variation of notice imposing conditions  
Subdivision D--Miscellaneous
• 79K Exercise of powers under this Division  

Division 4--Administrative provisions

• 79L Variation and revocation of orders  
• 79M Registration and commencement of orders  
• 79N Actions of more than one kind  
Subdivision B--Variation of notices imposing conditions
• 79P Variation with consent or without disadvantage  
• 79Q Variation on application  

Division 5--Treasurer directions

• 79R Treasurer may give direction to person  
• 79S Publication of directions  
• 79T When direction takes effect  
• 79U Varying and revoking directions  
Subdivision B--Interim directions to persons
• 79V Treasurer may give interim direction to person  
• 79W When interim direction takes effect  
• 79X Expiry of interim direction  
• 79Y Varying and revoking interim directions  

PART 4--NOTICES--REQUIRED FOR NOTIFIABLE ACTIONS AND NOTIFIABLE NATIONAL SECURITY ACTIONS, AND MAY BE GIVEN OF OTHER ACTIONS

• 80 Simplified outline of this Part  
• 81 Compulsory notice of notifiable actions and notifiable national security actions  
• 82 Limitation on taking 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 action before end of period  
• 85A Taking action while prohibited by this Act  
• 86 Contravening orders under Part 3  
• 87 Contravening conditions  
• 88 Failing to advertise new dwellings  
• 88A Contravening directions and interim directions  

Division 3--Civil penalties

• 89 Contravening orders under Part 3  
Subdivision B--Civil penalties relating to actions (except in relation to residential land)
• 90 Application  
• 91 Failing to give notice  
• 92 Taking action before end of period  
• 92A Taking action while prohibited by this Act  
• 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  
• 95A Taking action while prohibited by this Act  
• 96 Contravening conditions in relation to residential land  
• 97 Persons contravening conditions  
• 98 Working out capital gains  
Subdivision D--Other civil penalties
• 98A Contravening directions and interim directions  
• 98B False or misleading information and documents  
• 98C Failure to notify Treasurer of taking of action specified in no objection notification  
• 98D Failure to notify taking of action related to exemption certificate  
• 98E Failure to notify Treasurer of situations following core Part 3 action  
Subdivision E--Miscellaneous
• 98F Civil penalty amounts for penalty provision based on value  

Division 4--Miscellaneous

• 99 Civil penalty provisions  
Subdivision AA--Application of the Regulatory Powers Act--Infringement notices
• 100 Infringement notices  
• 101 Meanings of tier 1 infringement notice , tier 2 infringement notice and tier 3 infringement notice  
• 101AA Threshold for distinction between tier 2 infringement notices and tier 3 infringement notices  
Subdivision AB--Application of the Regulatory Powers Act--Monitoring powers
• 101A Monitoring powers  
Subdivision AC--Application of the Regulatory Powers Act--Investigation powers
• 101B Investigation powers  
Subdivision AD--Application of the Regulatory Powers Act--Enforceable undertakings
• 101C Enforceable undertakings  
• 101D Publication of undertakings  
Subdivision AE--Application of the Regulatory Powers Act--Miscellaneous
• 101E Appointment of authorised officers  
• 101F Delegation of certain powers and functions under the Regulatory Powers Act  
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: liability

• 115B Scope of this Division--persons and land  
• 115C Liability for vacancy fees  
• 115D Vacancy fee liability--vacancy fee return  
• 115DA Vacancy fee liability--false or misleading 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: recovery of unpaid 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--ADMINISTRATIVE--PROVISIONS

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 bodies  
• 123 Authorisation of disclosures relating to law enforcement  
• 123A Authorisation of disclosures about decisions where Commonwealth, State or Territory Minister or body etc. provided information  
• 123B Authorisation of disclosures to foreign governments and separate government entities  
• 124 Authorisation of disclosures of non - identifying 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  
• 126A Authorisation of disclosure by Registrar of information in the Register  
• 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 protected information  

Division 4--Review of decisions

• 130A ART review of decisions  
• 130L Restriction on Treasurer's powers after review  
• 130M Costs  

PART 7A--THE--REGISTER OF FOREIGN OWNERSHIP OF AUSTRALIAN ASSETS

Division 1--Simplified outline of this Part

• 130P Simplified outline of this Part  

Division 2--The Register of Foreign Ownership of Australian Assets

• 130Q Register commencement day  
• 130R Appointment of the Registrar  
• 130S Registrar must keep Register  
• 130T Information to be contained in the Register  
• 130U Registrar may add information to the Register  
• 130V Registrar may disclose information in the Register in certain circumstances  
• 130W Giving notice to Registrar  
• 130X Interests acquired by entering agreements etc.  
• 130Y Agents may give notice  
• 130Z Regulations may extend time for giving notice  

Division 3--Requirements to give register notices to the Registrar

• 130ZA Foreign person acquires interest in Australian land  
• 130ZB Foreign person acquires interest in exploration tenement  
• 130ZC Person becomes a foreign person while holding interest in land  
• 130ZD Change in nature of interest in land  
Subdivision B--Requirements relating to registrable water interests
• 130ZE Foreign person acquires registrable water interest  
• 130ZF Person becomes a foreign person while holding registrable water interest  
• 130ZG Change to certain characteristics of a registrable water interest  
Subdivision C--Requirements relating to interests in businesses or entities
• 130ZH Foreign person takes action that is a significant action under section 40--entities  
• 130ZI Foreign person takes action that is a significant action under section 41--businesses  
• 130ZJ Foreign person takes action that is a notifiable action under section 47--entities and businesses  
• 130ZK Foreign person takes action that is a notifiable national security action under section 55B  
• 130ZL Foreign person takes action that is a reviewable national security action under section 55D--entities  
• 130ZM Foreign person takes action that is a reviewable national security action under section 55E--businesses  
• 130ZN Change in interest in an entity or business  
• 130ZO Person becomes a foreign person while holding interest in an entity or business  
• 130ZP Person becomes a foreign person while carrying on or holding interest in a national security business  
Subdivision D--Requirements relating to registered circumstances
• 130ZQ Registered circumstance ceases  
• 130ZR Foreign person ceases to be a foreign person while registered circumstances exist  
Subdivision E--Requirements relating to persons who die, or corporations that are wound up, before notice is given
• 130ZS Requirement for executor or administrator to give notice for person who dies before giving notice  
• 130ZT Requirement for corporate liquidator to give notice for corporation that is wound up before giving notice  
Subdivision F--Prescribed requirements
• 130ZU Regulations may require notice to be given to Registrar  

Division 4--Consequences of failing to give notice to Registrar

• 130ZV Civil penalty for failing to give notice to Registrar  

Division 5--Miscellaneous

• 130ZW Directions by Treasurer  
• 130ZX Delegation  
• 130ZY Report to the Parliament  
• 130ZZ Data standards  

PART 8--MISCELLANEOUS

• 131 Simplified outline of this Part  
• 132 Powers of courts  
• 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