- Date
-
20 Aug 2015
- Chamber
-
House of Representatives
- Status
-
Act
-
Portfolio
-
Treasury
- Summary
-
Part of a package of three bills in relation to Australia’s foreign investment framework, the bill amends the:
Foreign Acquisitions and Takeovers Act 1975
to: provide a statutory basis for the requirements that apply to foreign government investors; enable the transfer to the Australian Taxation Office of responsibility for administering certain aspects of regulating foreign investment, including residential real estate; introduce civil and criminal penalties; enable the lowering of screening thresholds for investments in the agricultural sector; provide for fees to be payable for foreign investment applications; amend the long title of the Act; and make amendments consequential on the Acts and Instruments (Framework Reform) Act 2015
; and Anti-Money Laundering and Counter-Terrorism Financing Act 2006
, Income Tax Assessment Act 1997
and Taxation Administration Act 1953
to make consequential amendments.