Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020
51If actions in an action group involve acquiring an interest in Australian land or in a tenement
Start here
Get a plain-English read of 51
Turn the raw legal text into a practical explanation grounded in Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020.
51 If actions in an action group involve acquiring an interest in Australian land or in a tenement
(1) This section applies if one or more of the actions in an action group involves acquiring an interest in Australian land or in a tenement (the land actions). (2) If there is only one land action, then the amount worked out under this section is equal to the fee that would otherwise apply under this instrument for the action. (3) If there are 2 or more land actions, then: (a) work out the sum of the values of the consideration for the acquisitions of each kind of relevant land to which the land actions apply; and (b) identify the kind of relevant land (the dominant kind) that has the highest of those sums; and (c) the amount worked out under this section is equal to the fee that would otherwise apply under this instrument for a single land action: (i) involving an acquisition of the dominant kind of relevant land; and (ii) for which the value of the consideration was equal to the sum of all of the sums worked out under paragraph (a). (4) If 2 or more of the sums worked out under paragraph (3)(a) are equal, then for the purposes of paragraph (3)(b) the dominant kind is the kind of relevant land that would give the highest fee under this instrument using the sum of all of those sums. (5) However, if the dominant kind of relevant land is residential land, and one or more of the actions in the action group involves acquiring an interest in residential land on which there is at least one established dwelling, then, despite paragraph (3)(c), the amount worked out under this section is worked out by: (a) starting with the fee that would otherwise apply under this instrument for a single land action: (i) involving an acquisition of an interest in residential land on which there is at least one established dwelling; and (ii) for which the value of the consideration was equal to the sum of the values of the consideration for each of the land actions that is an action to acquire an interest in residential land on which there is at least one established dwelling; and (b) adding the fee that would otherwise apply under this instrument for a single land action: (i) involving an acquisition of an interest in residential land on which there are no established dwellings; and (ii) for which the value of the consideration was equal to the sum of the values of the consideration for each of the land actions that is not an action to acquire an interest in residential land on which there is at least one established dwelling; and (c) if the result of paragraph (b) of this subsection exceeds the amount that would be worked out using the formula in subsection 33(4) (as modified by subsection (6)), subtracting the excess. (6) Modify the formula in subsection 33(4) by: (a) treating the definition of established dwellings fee as being instead the amount worked out under paragraph (a) of subsection (5) of this section; and (b) applying the modification from paragraph (a) of this subsection in calculating the percentage of established dwellings maximum fee not charged.