The Foreign Acquisitions and Takeovers Fees Imposition
Amendment Bill 2024 (Fees Imposition
Bill) and Treasury Laws Amendment (Foreign
Investment) Bill 2024 (Foreign Investment
Bill) have recently been introduced by the Federal
Government to again change the foreign investment legislation.
These Bills will have a substantial impact on foreign buyers
acquiring Australian residential land, regardless whether you are a
natural person or a property developer.
We explain the changes in further detail below and comment on
how they will impact you as a developer.
What are they and their status?
On 7 February 2024, the Fees Imposition Bill was introduced. It
seeks to amend the Foreign Acquisitions and Takeovers Fees
Imposition Act 2015 (Cth) and the Foreign
Acquisitions and Takeovers Fees Imposition Regulations
2020 (Cth). It is proposed to commence on the later of 1
April 2024 and the day it receives the Royal Assent.
