Bill
Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2024
passed, as at 2024-04-08. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2024-02-07
- second reading — 2024-02-07
- other — 2024-02-13
- second reading — 2024-02-13
- second reading — 2024-02-13
- other — 2024-02-14
- third reading — 2024-02-14
- introduced — 2024-02-26
- second reading — 2024-02-26
- second reading — 2024-03-27
- third reading — 2024-03-27
- passed — 2024-03-27
- royal assent — 2024-04-08
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 2024-02-07.
This bill is part of a package that also includes the Treasury Laws Amendment (Foreign Investment) Bill 2024, designed to encourage investment in housing and strengthen foreign investment rules.
It would amend the Foreign Acquisitions and Takeovers Fees Imposition Act and Regulations to triple fees for buying established homes and double vacancy fees.
The bill would start on 1 April 2024 or the day after it receives Royal Assent, whichever is later.
- Triples fees for acquiring established residential dwellings.
- Doubles vacancy fees in the foreign investment framework.
- Updates the fee cap and indexation provisions in the Act and Regulations.
Foreign investors buying established residential dwellings or holding vacant residential properties.
Sources
em
billhome
frl act