55Acquisition of leasehold interest after sale of freehold interest

55 Acquisition of leasehold interest after sale of freehold interest

(1) Despite Part 2, the amount of the fee payable under subsection 113(1) of the Foreign Acquisitions Act by a foreign person for an action by the person is $4,200 if: (a) the action is the acquisition of a leasehold interest, to which paragraph 12(1)(c) of the Foreign Acquisitions Act applies, in Australian land; and (b) before the action: (i) the person held a legal interest, to which paragraph 12(1)(a) of that Act applies, in the land that is subject to the lease; and (ii) the person sold that legal interest to the lessor.

Note: The amount of this fee is subject to indexation.

(2) However, if an action covered by paragraphs (1)(a) and (b) is a reviewable national security action, the amount of the fee payable by the foreign person for the action is 25% of the amount in subsection (1).

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

(3) Despite subsection (1) or (2), if a single agreement covers 2 or more actions that are each covered by paragraphs (1)(a) and (b) 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) applies—$4,200; or (b) if all of the actions are reviewable national security actions—25% of the amount in paragraph (a).

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 paragraphs (1)(a) and (b). This subsection will not affect the fees payable for those other actions.

(4) If an action covered by paragraphs (1)(a) and (b) 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 paragraphs (1)(a) and (b) of this section.

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

(5) 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 53 (about fees if consideration is less than $75,000); (c) section 54 (about fees for majority owners).