Foreign Acquisitions and Takeovers Amendment Regulations 1999 (No. 1) (Cth)

Foreign Acquisitions and Takeovers Amendment Regulations 1999 (No. 1)

Statutory Rules 1999 No. 199

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under theForeign Acquisitions and Takeovers Act 1975.

Dated 9 September 1999.

WILLIAM DEANE

Governor-General

By His Excellency’s Command,

C. R. KEMP

Assistant Treasurer

Foreign Acquisitions and Takeovers Amendment Regulations 1999 (No. 1)1

Statutory Rules 1999 No. 1992

made under the

Foreign Acquisitions and Takeovers Act 1975

   

Contents

Page

• •
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1Name of Regulations

 These Regulations are the Foreign Acquisitions and Takeovers Amendment Regulations 1999 (No. 1).

2Commencement

 These Regulations commence on gazettal.

3Amendment of Foreign Acquisitions and Takeovers Regulations

Schedule 1 amends the Foreign Acquisitions and Takeovers Regulations.

Schedule 1Amendments

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(regulation 3)

[1]Regulation 1

substitute

1Name of Regulations

 These Regulations are the Foreign Acquisitions and Takeovers Regulations 1989.

[2]Regulation 2, after definition of foreign person

insert

spouse, in relation to a person, includes another person who, although not legally married to the person, lives with the person on a bona fide domestic basis as the husband or wife of the person.

[3]Subparagraph 3 (e) (i)

omit

constructed;

insert

constructed; and

[4]After subparagraph 3 (e) (ii)

insert

• (iia)

  the conditions (if any) set out in the certificate are satisfied; and

[5]Subparagraph 3 (p) (i)

substitute

• (i)

  the land is non-residential commercial land valued at:

  • (A)

    for land the whole or part of which is entered in the Register of the National Estate — less than $5,000,000; and

  • (B)

    in any other case — less than $50,000,000; and

[6]Paragraphs 3 (q) and (r)

substitute

• (q)

  where the acquisition is of an interest in land that is zoned as residential property and the person:

  • (i)

    is, at the time of acquisition, the holder of a permanent visa within the meaning of the Migration Act 1958; or

  • (ii)

    is, at the time of acquisition, the holder of a special category visa within the meaning of that Act; or

  • (iii)

    if he or she had entered Australia lawfully immediately before the time of acquisition, would have been entitled to the grant, on presentation of a passport, of a special category visa within the meaning of that Act; or

  • (iv)

    is an Australian corporation that is a foreign person only because of a direct interest held in it by a person to whom subparagraph (i), (ii) or (iii) applies; or

  • (v)

    is the trustee of a trust estate, where the trustee is a foreign person only because of a direct interest held in the trust estate by a person to whom subparagraph (i), (ii) or (iii) applies;

• (r)

  if:

  • (i)

    the acquisition is of an interest in land on which a dwelling exists that is, or may be, used for residential purposes, other than land that is part of a subdivided building in which hotel services are provided; and

  • (ii)

    the Treasurer has certified that the sale of an interest of that kind to foreign persons is not contrary to the national interest; and

  • (iii)

    the conditions (if any) set out in the certificate are satisfied; and

  • (iv)

    the person who intends to dispose of the interest gives the foreign person a copy of the certificate;

• (s)

  if:

  • (i)

    the acquisition is of an interest in land that is, or would be, part of a subdivided building:

    • (A)

      that exists or may be constructed; and

    • (B)

      in which hotel services are, or would be, provided; and

  • (ii)

    the Treasurer has certified that the sale of an interest of that kind to foreign persons is not contrary to the national interest; and

  • (iii)

    the conditions (if any) set out in the certificate are satisfied; and

  • (iv)

    the person who intends to dispose of the interest gives the foreign person a copy of the certificate;

• (t)

  where the acquisition is of an interest in land that is zoned as residential property and:

  • (i)

    the person is the spouse of an Australian citizen; and

  • (ii)

    the interest is held by the person and his or her spouse as joint tenants;

• (u)

  that is the responsible entity of a managed investment scheme registered under section 601EB of the Corporations Law and the acquisition is primarily for the benefit of scheme members ordinarily resident in Australia.

[7]After regulation 3

insert

4Prescribed corporations — value of assets of foreign corporation

• (1)

  For paragraph 13 (1) (d) of the Act, the amount of $50,000,000 is prescribed.

• (2)

  For paragraph 13 (1) (e) of the Act, the amount of $50,000,000 is prescribed.

5Exempt dealings — value of assets

• (1)

  For subparagraph (b) (i) of the definition of exempt corporation in subsection 13A (4) of the Act, the amount of $50,000,000 is prescribed.

• (2)

  For subparagraph (b) (ii) of the definition of exempt corporation in subsection 13A (4) of the Act, the amount of $50,000,000 is prescribed.

• (3)

  For paragraph (a) of the definition of exempt business in subsection 13A (4) of the Act, the amount of $50,000,000 is prescribed.

• (4)

  For paragraph (b) of the definition of exempt business in subsection 13A (4) of the Act, the amount of $50,000,000 is prescribed.

Notes

1. These Regulations amend Statutory Rules 1989 No. 177, as amended by 1991 No. 302; 1994 No. 295; 1995 No. 416.

2. Made by the Governor-General on 9 September 1999, and notified in the Commonwealth of Australia Gazette on 10 September 1999.