Foreign Acquisitions and Takeovers Amendment Delegations (No. 1) 2022
I, Josh Frydenberg, Treasurer, make the following delegations.
Dated 2 March 2022
Josh Frydenberg
Treasurer
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Part 1—Main amendments
Foreign Acquisitions and Takeovers (Treasury) Delegations 2020
Foreign Acquisitions and Takeovers (Commissioner of Taxation) Delegations 2020
Part 2—Amendments to Schedules
Foreign Acquisitions and Takeovers (Treasury) Delegations 2020
Foreign Acquisitions and Takeovers (Commissioner of Taxation) Delegations 2020
1 Name
This instrument is the Foreign Acquisitions and Takeovers Amendment Delegations (No. 1) 2022.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information | ||
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
8. The whole of this instrument | The day after this instrument is registered. |
|
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Foreign Acquisitions and Takeovers Act 1975.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Part 1—Main amendments
Foreign Acquisitions and Takeovers (Treasury) Delegations 2020
1 Section 4 (definition of internal reorganisation)
Repeal the definition, substitute:
internal reorganisation has the same meaning as in the Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020.
Foreign Acquisitions and Takeovers (Commissioner of Taxation) Delegations 2020
2 Section 4 (definition of internal reorganisation)
Repeal the definition, substitute:
internal reorganisation has the same meaning as in the Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020.
Part 2—Amendments to Schedules
Foreign Acquisitions and Takeovers (Treasury) Delegations 2020
3 Schedule 1 (table item 2)
Repeal the item, substitute:
2 | section 58 of the Act | exemption certificates for foreign persons | (a) Secretary (b) SES employee | none | where the application for the exemption certificate specifies that the consideration for the acquisitions will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker |
4 Schedule 1 (table item 4)
Repeal the item
5 Schedule 1 (table item 5B)
Repeal the item, substitute:
5B | section 62A of the Act | variation or revocation of exemption certificates where false or misleading information or documents given | (a) Secretary (b) SES employee | none | the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker before the delegate does any of the following: (a) gives notice that the delegate is considering varying or revoking a certificate; (b) varies or revokes a certificate |
6 Schedule 1 (table items 6, 6A, 6B, 8, 9, 10, 11 and 11A)
Repeal the items, substitute:
6 | section 67 of the Act | order prohibiting proposed actions | (a) Secretary (b) SES employee (c) EL2 employee | the delegate may only exercise the function or power in relation to an action that is any one of the following: (a) an action to acquire an interest in agricultural land, an agricultural land corporation, an agricultural land trust or a corporate trustee of an agricultural land trust, and the consideration for the interest is not more than $15 million; (b) an action to acquire an interest in Australian land (other than agricultural land) or a land entity (other than an agricultural land corporation, an agricultural land trust or a corporate trustee of an agricultural land trust); (c) an action that constitutes an internal reorganisation; (d) an action to acquire an interest in assets of an Australian business; (e) an action to acquire an interest in securities in an entity or to issue securities in an entity; (f) an action taken by a person who has a business of underwriting securities and the person proposes to or has acquired the interests in securities for the purposes of, or in the course of, the person’s business of underwriting securities; (g) an action to start an Australian business; (h) an action to enter into or terminate a significant agreement with an Australian business; (i) an action by a foreign government investor to acquire a direct interest in an Australian entity or Australian business, not already covered by subparagraphs (a) to (h); (j) an action to start a national security business; (k) an action to acquire a direct interest in a national security business or an entity that carries on a national security business | the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker in relation to any of the following actions: (a) an action referred to in paragraph (b) of this item in the column headed “Limitations” where the consideration for the interest is more than $500 million; (b) an action referred to in paragraph (d) of this item in the column headed “Limitations” where the consideration for the interest is more than $100 million; (c) an action referred to in paragraph (e) of this item in the column headed “Limitations” where the consideration for the interest, or value of the securities to be issued (as appropriate), is more than $100 million; (d) an action referred to in paragraph (h) of this item in the column headed “Limitations” where the consideration to enter into or terminate the agreement is more than $100 million; (e) an action referred to in paragraph (i) of this item in the column headed “Limitations” where the consideration for the interest is more than $100 million; (f) an action referred to in paragraph (k) of this item in the column headed “Limitations” where the consideration for the interest is more than $100 million |
6A | section 68 of the Act | interim orders | (a) Secretary (b) SES employee (c) EL2 employee (d) EL1 employee | the same as for item 6 | the same as for item 6 |
6B | section 69 of the Act | disposal orders | (a) Secretary (b) SES employee (c) EL2 employee | the same as for item 6 | the same as for item 6 |
8 | subsection 74(2) of the Act | no objection notification imposing conditions | (a) Secretary (b) SES employee (c) EL2 employee (d) EL1 employee | the same as for item 6 | the same as for item 6 |
8A | subsection 74(4) of the Act | the Treasurer may vary a no objection notification if the Treasurer is satisfied that the variation is not contrary to the national interest or national security (as appropriate) | (a) Secretary (b) SES employee (c) EL2 employee (d) EL1 employee | the same as for item 6 | the same as for item 6 |
9 | section 75 of the Act | no objection notification not imposing conditions | (a) Secretary (b) SES employee (c) EL2 employee (d) EL1 employee | the same as for item 6 | the same as for item 6 |
10 | subsection 76(4) of the Act | longer period may be given for taking actions specified in a no objection notification | (a) Secretary (b) SES employee (c) EL2 employee (d) EL1 employee | none | none |
11 | section 76(8) of the Act | the Treasurer may vary a no objection notification if the Treasurer is satisfied that the variation is not contrary to the national interest or national security (as appropriate) | (a) Secretary (b) SES employee (c) EL2 employee (d) EL1 employee | the same as for item 6 | the same as for item 6 |
11A | section 76A of the Act | revocation of no objection notification | (a) Secretary (b) SES employee | the same as for item 6 | the same as for item 6 |
7 Schedule 1 (table item 12)
Repeal the item
8 Schedule 1 (table item 14A)
Repeal the item, substitute:
14AA | section 79D of the Act | order prohibiting proposed actions | (a) Secretary (b) SES employee | none | none |
14AB | section 79E of the Act | disposal orders | (a) Secretary (b) SES employee | none | none |
14AC | section 79G of the Act | varying or revoking conditions of no objection notification | (a) Secretary (b) SES employee | none | none |
14AD | section 79H of the Act | notice imposing conditions | (a) Secretary (b) SES employee | none | none |
14AE | section 79J of the Act | variation of notice imposing conditions | (a) Secretary (b) SES employee | none | none |
14AF | section 79L of the Act | variation or revocation of orders not contrary to the national interest or national security (as appropriate) | (a) Secretary (b) SES employee | none | none |
14AG | section 79P of the Act | variation with consent or without disadvantage | (a) Secretary (b) SES employee | none | none |
14AH | section 79Q of the Act | variation on application | (a) Secretary (b) SES employee | none | none |
9 Schedule 1 (table item 21)
Repeal the item, substitute:
21 | section 115 of the Act | waiver and remission of fees | (a) Secretary (b) SES employee (c) EL2 employee (d) EL1 employee | none | none |
10 Schedule 1 (table item 23D)
Repeal the item
11 Schedule 1 (table items 27, 28, 29 and 30)
Repeal the items, substitute:
27 | section 42 of the Regulation | exemption certificates for businesses or entities | (a) Secretary (b) SES employee | none | where the application for the exemption certificate specifies that the consideration for the acquisitions will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker |
28 | section 43 of the Regulation | exemption certificates for certain interests in tenements and mining, production or exploration entities | (a) Secretary (b) SES employee | none | where the application for the exemption certificate specifies that the consideration for the acquisitions will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker |
29 | section 43BA of the Regulation | exemption certificates for actions that would otherwise be notifiable national security actions | (a) Secretary (b) SES employee | none | where the application for the exemption certificate specifies that the consideration for the action, or the kinds of actions, will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker |
30 | section 43BB of the Regulation | exemption certificates for actions that would otherwise be reviewable national security actions | (a) Secretary (b) SES employee | none | where the application for the exemption certificate specifies that the consideration for the action, or the kinds of actions, will be greater than $200 million, the delegate must consult with the Treasurer or the Treasurer’s office about whether the Treasurer would prefer to be the decision-maker |
Foreign Acquisitions and Takeovers (Commissioner of Taxation) Delegations 2020
12 Schedule 1 (table items 2, 3 and 4)
Repeal the item, substitute:
2 | section 59 of the Act | exemption certificate for established dwellings | none | if the Commissioner subdelegates the function or power under subsection 137(4) of the Act to an employee in the Australian Taxation Office, the subdelegate is not to exercise the function or power unless the subdelegate is: (a) an SES employee; or (b) an EL2 employee; or (c) an EL1 employee; (d) an APS6 employee where all of the following are satisfied: (i) the exercise of the function or power relates to residential land with a value of $4 million or less; and (ii) the exercise of the function or power does not relate to a person acquiring an interest in an established dwelling for redevelopment |
4 | subsection 62(1) of the Act | the Treasurer may vary or revoke an exemption certificate if satisfied that the variation or revocation is not contrary to the national interest | the Commissioner may only exercise the function or power if both of the following are satisfied: (a) the exemption certificate relates to actions to acquire interests in residential land; and (b) the application for the exemption certificate was not made under section 58 of the Act (about exemption certificates for foreign persons) | if the Commissioner subdelegates the function or power under subsection 137(4) of the Act to an employee in the Australian Taxation Office, the subdelegate is not to exercise the function or power unless the subdelegate is: (a) an SES employee; or (b) an EL2 employee; or (c) an EL1 employee; (d) an APS6 employee where all of the following are satisfied: (i) the exercise of the function or power relates to residential land with a value of $4 million or less; and (ii) the exercise of the function or power does not relate to a person acquiring an interest in an established dwelling for redevelopment; and (iii) the exercise of the function or power is to vary an exemption certificate |
13 Schedule 1 (table item 14)
Repeal the item