The Treasurer has announced changes to Australia’s foreign investment review framework, effective from 10.30pm AEDT on Sunday 29 March 2020, relating to monetary thresholds and timeframes for reviewing applications. Details are available in our Guidance Note number 53, which addresses the effects of the changes. All material on this website should be read in light of the Treasurer’s announcement.
On 18 September 2020 Treasury released the exposure drafts of the Foreign Investment Reform (Protecting Australia’s National Security) Regulations 2020 and the Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020 for public consultation. The Exposure Draft Regulations and an Explanatory Statement can be found on the Treasury consultation website.
The Government has introduced amendments to the Foreign Acquisitions and Takeovers Regulation 2015. The amendments, which take effect from 4 September 2020, have the effect of reinstating normal monetary thresholds in relation to the renewal or material variation of existing non-sensitive leasehold interests in developed commercial land, where the same acquirer held a substantially similar interest under a lease on 29 March 2020. Further information is provided in Guidance Note 53.
The FIRB Application Portal will now be unavailable from 7pm Tuesday 1 September 2020 until 8am Wednesday 2 September 2020 AEST. Updates will be made to the Applicant Details page of the Portal.