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.

Updated application checklist (revised 2 October 2020)

Please be advised that Treasury has updated the FIRB Application Checklist to provide greater clarity to applicants on information requirements when submitting a (non-residential) application. It is recommended that all applicants review the Application Checklist. This will ensure applications are consistent with the updated information requirements prior to submission to avoid significant delays in processing.

The revised checklist includes new information requirements to provide:

  • legal names;
  • ABN/ACN;
  • commercial deadlines and quantifiable impacts if transaction is delayed;
  • ANZSIC codes (current use of target);
  • consideration broken down by asset;
  • reasons why the transaction is not contrary to the national interest (as set out in Australia’s Foreign Investment Policy); and
  • further information on leasehold or licence interests in land.

The changes also seek to clarify information requirements including:

  • the requirement for a clear statement of significant and/or notifiable actions that are proposed to be taken or have been taken;
  • the description of total global assets includes those held by the ultimate parent;
  • the requirement to provide all existing Australian investments and assets;
  • the description of economic interest includes beneficial interests;
  • the commercial rationale behind the transaction includes the size and significance of the target;
  • ownership and control information includes ownership breakdown by country of origin and percentage of ownership;
  • foreign government investor details should include why applicants meet the definition of a foreign government investor;
  • ownership and control information for funds includes details of fund managers and the fund;
  • ownership and control information for trusts includes details of the trust and trustees; and
  • the requirement for pre and post implementation structure diagrams.