43AExemption certificates for residential land (near‑new dwelling interests)

43A Exemption certificates for residential land (near‑new dwelling interests)

(1) A person may apply for a certificate under this section (a residential land (near‑new dwelling interests) certificate) if: (a) the person has acquired, or will acquire, an interest in Australian land; and (b) the person has built, or proposes to build, new dwellings on that land; and (c) some or all of the interests in those dwellings are, or may become, near‑new dwelling interests; and (d) the person proposes to dispose of the near‑new dwelling interests to foreign persons.

Note: See also Part 6 (fees) and section 135 (manner of notification and application) of the Act.

(2) The Treasurer may give a certificate if the Treasurer is satisfied that the disposal of the near‑new dwelling interests to foreign persons is not contrary to the national interest. (3) The certificate must specify: (a) the person (who may not yet be incorporated or established) to whom the certificate relates; and (b) that the certificate covers interests that are, or could be, near‑new dwelling interests.

Note: For other things that the certificate may specify, see section 60 of the Act.

(4) For the purposes of subsections 45(3) and 49(2) of the Act, an action is not a significant action or a notifiable action if: (a) the action is a foreign person acquiring a near‑new dwelling interest; and (b) the acquisition was from a person (the specified person) who was specified in a residential land (near‑new dwelling interests) certificate; and (c) the interest is specified in the certificate; and (d) the specified person provided the foreign person with a copy of that certificate before the foreign person acquired the interest; and (e) either: (i) the conditions (if any) specified in the certificate were met; or (ii) the foreign person is not, at the time of the action, aware that one or more of the conditions specified in the certificate have not been met.