Bill
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020
passed, as at 2020-12-10. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-10-28
- second reading — 2020-10-28
- second reading — 2020-12-03
- second reading — 2020-12-07
- second reading — 2020-12-07
- third reading — 2020-12-07
- introduced — 2020-12-08
- second reading — 2020-12-08
- third reading — 2020-12-08
- passed — 2020-12-08
- royal assent — 2020-12-10
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2020-10-28.
This bill is part of a package that reforms Australia's foreign investment screening to address national security risks.
The package would establish a national security test for certain investments, create a register of foreign-owned assets, and introduce a new fee framework.
The bill would require mandatory notification of direct investments in sensitive national security businesses and land that could prejudice national security.
- Establishes a national security test for reviewing foreign investments.
- Creates a Register of Foreign Ownership of Australian Assets.
- Introduces a new fee framework for foreign investment applications.
- Expands the infringement notices regime and increases penalties for breaches.
- Gives the Treasurer powers to impose conditions or force divestment as a last resort.
- Allows the Treasurer to call in non-notified actions for screening on national security grounds.
Foreign investors, businesses, and government agencies involved in foreign investment screening.
Sources
em
billhome
frl act