8AApplications for residential land certificates covering a single proposed acquisition

8A Applications for residential land certificates covering a single proposed acquisition

(1) This section applies if: (a) a person makes (or has made) an application for either of the following certificates (the first certificate): (i) a residential land (other than established dwellings) certificate; (ii) an exemption certificate under section 59 of the Foreign Acquisitions Act (which applies to established dwellings); and (b) in a case in which the person holds the first certificate as a result of the application—the certificate is still in force, and the person has not taken the action specified in the certificate; and (c) the person makes an application for the other kind of certificate (the second certificate) mentioned in paragraph (a), whether at the same time, or after, the application for the first certificate was made; and (d) the applications for the first certificate and the second certificate cover just one proposal to acquire an interest in residential land; and (e) the consideration for the acquisition to which the application for the first certificate applies is the same, or higher, than the consideration for the acquisition to which the application for the second certificate applies; and (f) at the time of the application for the second certificate: (i) the person pays the fee that is payable (apart from this section) for the application for the first certificate; or (ii) the person has already paid the fee that is payable (apart from this section) for the application for the first certificate.

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

(2) The fee payable for the application for the second certificate is: (a) if the amount of the consideration (the first consideration amount) for the acquisition to which the application for the first certificate relates is the same, or higher, than the amount of the consideration (the second consideration amount) for the acquisition specified in the application for the second certificate—nil; or (b) if the first consideration amount is lower than the second consideration amount—the amount of the difference (which could be nil) between the fees that would, apart from this section, be payable for the applications for the first certificate and the second certificate.