Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2024

On 8 April 2024, the Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2024 received the Royal Assent. The Act amends the foreign investment law to:

•           triple foreign investment fees for an application to the Foreign Investment Review Board (FIRB) of an acquisition of established dwellings. Application fees for acquisitions in established dwellings for more than $75,000.00 up to $1,000,000.00 have increased to $42,300.00. Substantially higher fees apply for purchases for more than $1,000,000.00. In most cases the fee is non-refundable; and

•           doubles vacancy fees for established and new residential dwellings for vacancy years commencing on or after 9 April 2024. From that date, the vacancy fee if a property is not occupied or rented out for 183 days (6 months) or more in a vacancy year is an amount equal to double the FIRB application fee paid by the owner.

For further information please contact one of our lawyers in the Dobson Mitchell Allport Commercial & Property team.