6BFees for residential land (other than established dwellings) certificates

6B Fees for residential land (other than established dwellings) certificates

(1) For the purposes of paragraph (a) of item 4 of the table in subsection 6(1) of the Act, the amount of fee payable for an application for a residential land (other than established dwellings) certificate is: (a) if the application specifies that the consideration for the acquisition will be $1 million or less—$5,500; and (b) if the application specifies that the consideration for the acquisition will be more than $1 million, and $10 million or less—the amount worked out under subsection (2); and (c) if the application specifies that the consideration for the acquisition will be more than $10 million—the amount worked out under subsection (3).

Note 1: A residential land (other than established dwellings) certificate is an exemption certificate under section 43B of the Foreign Acquisitions Regulation.

Note 2: This fee may be indexed under section 12 of the Act.

Note 3: The fee payable for an application for this exemption certificate is nil in some circumstances (see section 8A).

Fees for applications for certificates—consideration more than $1 million, and $10 million or less (2) For the purposes of paragraph (1)(b), the amount of the fee is worked out as follows:

Method statement

Step 1. Apply the following formula:

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Round the resulting amount down to the nearest whole number, if necessary.

Step 2. Multiply the step 1 amount by $10,000.

Step 3. Multiply the step 2 amount by 1.015. Round the resulting amount down to the nearest multiple of $100, if necessary.

Step 4. Add to the step 3 amount the amount that is 10% of the step 3 amount. Round the resulting amount down to the nearest multiple of $100, if necessary.

Step 5. The step 4 amount is the amount of the fee.

Note: Indexation under section 12 of the Act does not apply to the amounts specified in steps 1 to 4 of the method statement, as those amounts are not fees.

Fees for applications for certificates—consideration more than $10 million (3) For the purposes of paragraph (1)(c), the amount of the fee is worked out as follows:

Method statement

Step 1. Apply the following formula:

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Round the resulting amount down to the nearest whole number, if necessary.

Step 2. Multiply the step 1 amount by $10,000.

Step 3. Multiply the step 2 amount by 1.030. Round the resulting amount down to the nearest multiple of $100, if necessary.

Step 4. The step 3 amount is the amount of the fee.

Note: Indexation under section 12 of the Act does not apply to the amounts specified in steps 1 to 3 of the method statement, as those amounts are not fees.