On 1 January 2023, the maximum financial penalties for contraventions of provisions in the Foreign Acquisitions and Takeovers Act 1975 that relate solely to residential land were doubled.
The changes to penalties, along with technical updates to the fee cap amount to incorporate indexation, can be found in Schedule 1 to the Treasury Laws Amendment (2022 Measures No. 3) Act 2022 and Schedule 1 to the Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2022.