16Acquisition of interest in securities by foreign business person in Australian land entities

16 Acquisition of interest in securities by foreign business person in Australian land entities

(1) The amount of a fee that is payable by a foreign business person is $25,300 if: (a) the foreign business person acquires an interest in securities in: (i) an Australian land corporation with a dominant land holding in residential land; or (ii) an Australian land trust with a dominant land holding in residential land; and (b) the consideration for the acquisition is $1 billion or less; and (c) a higher amount of fee would, apart from this subsection, be payable under item 3 of the table in subsection 7(1) of the Act.

Note: These fees may be indexed under section 12 of the Act. However, indexation does not apply to amounts of consideration specified in the table, as these amounts are not fees.

(2) The amount of a fee that is payable by a foreign business person is $101,500 if: (a) the foreign business person acquires an interest in securities in: (i) an Australian land corporation with a dominant land holding in residential land; or (ii) an Australian land trust with a dominant land holding in residential land; and (b) the consideration for the acquisition is more than $1 billion; and (c) a higher amount of fee would, apart from this subsection, be payable under item 3 of the table in subsection 7(1) of the Act.

Note: These fees may be indexed under section 12 of the Act. However, indexation does not apply to amounts of consideration specified in the table, as these amounts are not fees.

(3) If one agreement covers one or more of the actions mentioned in subsections (1) and (2), and one or more other actions (the other actions), the amount of the fee payable for all actions covered by the agreement is the higher of the following amounts: (a) the amount specified in subsection (1) or (2); (b) the highest of the amounts of fee payable for the other actions. (4) Subsection (3) has effect despite subsection 9(1) of the Act. (5) However, if a foreign business person acquires securities in an Australian land trust with a dominant land holding in residential land, and the trustee of the trust is a corporation, the amount of fee payable for the action by the foreign business person for acquiring an interest in securities in the corporation is nil. (6) This section does not apply in relation to an action to which section 10 of this Act (fees for internal reorganisations) applies.