53Fee payable if the value of the consideration is less than $75,000

53 Fee payable if the value of the consideration is less than $75,000

(1) If the value of the consideration for an action is less than $75,000, then despite Part 2 the amount of the fee payable under subsection 113(1) of the Foreign Acquisitions Act by a person for the action is: (a) unless paragraph (b) or (c) applies—$4,200; or (b) if the action is a reviewable national security action and paragraph (c) does not apply—25% of the amount in paragraph (a); or (c) if the action is to acquire an interest in residential land on which there is at least one established dwelling: (i) unless subparagraph (ii) applies—3 times the amount in paragraph (a); or (ii) if the action is a reviewable national security action—3 times the amount worked out under paragraph (b).

Note: The amount in paragraph (a) is subject to indexation.

(2) However, if a single agreement covers 2 or more actions that are each covered by subsection (1) for the same person, the fees for the actions are adjusted so that the total amount payable by the person is: (a) unless paragraph (b) or (c) applies—$4,200; or (b) if all of the actions are reviewable national security actions and paragraph (c) does not apply—25% of the amount in paragraph (a); or (c) if any of the actions involves acquiring an interest in residential land on which there is at least one established dwelling: (i) unless subparagraph (ii) applies—3 times the amount in paragraph (a); or (ii) if all of the actions are reviewable national security actions—3 times the amount worked out under paragraph (b).

Note 1: The amount in paragraph (a) is subject to indexation.

Note 2: This subsection still applies if the agreement also contains other actions that are not covered by subsection (1). This subsection will not affect the fee payable for those other actions.

(3) If an action covered by subsection (1) is also an action of another kind as described in paragraph 48(1)(a) or (b), treat the action as only being of the kind described in subsection (1) of this section.

Note: This means the fee applying under this section will be the only fee for the action.

(4) This section does not apply in relation to an action to which any of the following provisions apply: (a) section 41 (about fees for internal reorganisations); (b) section 16, or a provision that directly or indirectly works out the amount of a fee by reference to section 16, (about entering or terminating certain agreements, or altering constituent documents).

Note: For paragraph (b), the other provisions are subsection 17(2), section 22 and section 25 to the extent that section 25 refers to subsection 17(2).