Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 94

  (1)   A foreign person who proposes to take a notifiable action or notifiable national security action that is a residential land acquisition must not take the action if the foreign person has not given a notice relating to the action under section   81.

Note:   If a person takes an action by entering an agreement, the action is not taken until the agreement is binding on the person (see subsections   15(4) and (5)).

  (2)   If:

  (a)   a foreign person gives a notice to the Treasurer stating that any of the following actions are proposed to be taken:

  (i)   a significant action (including a significant action that is a notifiable action) that is a residential land acquisition;

  (ii)   a notifiable national security action that is a residential land acquisition;

  (iii)   a reviewable national security action that is a residential land acquisition; or

  (b)   both:

  (i)   a foreign person proposes to take an action that is a residential land acquisition; and

  (ii)   the Treasurer has given a notice under subsection   66A(4) in relation to the action;

the foreign person must not take the action before the day mentioned in section   82.

  (3)   A person who contravenes subsection   (1) or (2) is liable to a civil penalty.

Penalty

  (4)   The maximum penalty for the contravention is the greatest of the following:

  (a)   double the amount of the capital gain that was made or would be made on the disposal of the interest in the relevant residential land;

  (b)   50% of the consideration for the residential land acquisition;

  (c)   50% of the market value of the interest in the relevant residential land.

Note 1:   Consideration is defined by the regulations (see section   4).

Note 2:   For how to work out the capital gain, see section   98.