Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 115B

  (1)   This Division applies in relation to a person if:

  (a)   the person is a foreign person; and

  (b)   the person acquires an interest in residential land on which one or more dwellings are, or are to be, situated; and

  (c)   either:

  (i)   the acquisition is a notifiable action; or

  (ii)   the acquisition would be a notifiable action were it not for section   49 (actions that are not notifiable actions--exemption certificates).

Note:   Regulations made for the purposes of section   37 may provide for circumstances in which this Division does not apply in relation to a person or a dwelling.

  (2)   The Commissioner of Taxation has the general administration of this Part.

Note:   This Part   is therefore a taxation law for the purposes of the Taxation Administration Act 1953 (among other laws). That Act contains a wide range of provisions about gathering, protecting and dealing with information, the exercise of powers and the performance of functions, under taxation laws, and the enforcement of taxation laws.

  (3)   However, the provisions of the Taxation Administration Act 1953 mentioned in subsection   138(2) of this Act do not apply in relation to this Part.