Certain acquisitions do not require notification or approval under the Foreign Acquisitions and Takeovers
Act 1975 (also referred to as exempt acquisitions). Please note that we do not issue exemption letters.
Real Estate
You do not need to submit an application for approval to acquire real estate in Australia if:
you are an Australian citizen living abroad;
your spouse is an Australian citizen (not a permanent resident) and you are purchasing residential real estate
in both names as joint tenants (not tenants in common);
you are a New Zealand citizen;
you hold a permanent resident visa;
you are a temporary resident and you are purchasing:
single block(s) of vacant land;
new dwelling(s); and/or
a second hand dwelling to be used as your principal place of residence (including if it is going to be demolished
first then redeveloped);
you are purchasing new dwelling(s) from the developer, where the developer has pre approval to sell those
dwellings to foreign persons;
you are acquiring an interest in a time share scheme which does not permit you (and any of your associates)
more than 4 weeks entitlement per year;
you are purchasing certain residential real estate in an Integrated Tourism Resort (ITR);
an interest in developed commercial property valued at less than $50 million or $953 million (indexed annually)
for US investors, or $5 million for heritage listed properties where the acquirer is not a US investor;
an interest in developed commercial property where the property is to be used immediately and in its present
state for industrial or non residential commercial purposes. The acquisition must be wholly incidental to the purchaser's
proposed or existing business activities;
you are acquiring an interest by will or by operation of law (such as, a court order regarding the division
of property in a divorce settlement, but not if both parties simply agree to transfer property without a court’s intervention);
or
you are purchasing property from the Government (Commonwealth, State or Territory, or local).
Other Acquisitions (Non-Real Estate)
You do not need to submit an application for approval for acquisitions involving existing Australian corporations
or businesses, or proposals to establish new businesses, which are valued below the relevant monetary thresholds.
FROM 31 MARCH 2009 THE REGULATIONS CHANGED AS FOLLOWS:
Temporary
residents’ exemption
Temporary residents are no longer required to notify proposed acquisitions of:
an established dwelling for their
own residence (not for investment purposes);
any new dwellings; and
single blocks of vacant residential
land (other acquisitions of vacant land will require notification and will normally be approved subject to development
within 24 months).
The
exemption applies to contracts entered on or after 18 December 2008 (the date that the Assistant Treasurer
announced the policy changes) - that is, notification is not required even if a temporary resident signed/exchanged contracts
to purchase such property before the Regulations were amended on 31 March.
The exemption includes acquisitions of property
by temporary residents via their trustor Australian incorporated company.The existing notification requirements continue to apply to
non-residents, who must notify all proposed acquisitions of residential real estate.
Accommodation facilities
Accommodation facilities such as hotels, motels, hostels and guesthouses are treated as commercial
real estate rather than residential real estate. Acquisitions of such facilities – or individual units within them –
valued below the relevant developed commercial property threshold are exempt from the FATA and do not require
notification and approval. See Accommodation Facilities for further details.
Streamlined administrative procedures
Streamlined administrative procedures have been established for non-resident foreign persons, foreign-owned
companies and trust estates to notify and receive approval for proposed acquisitions of residential real estate which
meet the eligibility criteria. New application forms and statutory notices have been introduced to facilitate the streamlined
procedures. See How to apply for further details.
The Foreign Investment Online Application System (FIOLA) is no longer available. Applicants must
download and print the new application forms, then email or fax the completed and signed forms to FIRB - please note that
applications submitted on the old forms from 31 March 2009 will not be valid. In the coming months, we expect to further
streamline the process to allow for electronic lodgement of applications.
As the administrative procedures are streamlined, the current system for developers seeking
advance approval to sell new dwellings to foreign persons will be discontinued. Until further notice, the pre-approval
arrangements that have been operating for some time will continue to operate on a case-by-case basis. Please contact
FIRB for specific advice.
In February each year,
Westpac produces an Executive Summary that provides an outlook of where the major property markets are heading over the next
three years.
Australian schools
directory includes all Government schools (State schools) and all Private schools (Independent schools and Catholic schools).
It covers all Primary schools and Secondary schools (high schools).
