The Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015 (FATA Bill) (which is a rewrite of the current Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA)) passed through the Commonwealth Parliament on 23 November 2015.
The next step is for the FATA Bill to receive Royal Assent, which will ideally occur this week. The amendments to the FATA are expected to take effect from 1 December 2015.
There were some last minute amendments to the FATA Bill before it was passed. The main change was that the Register of Foreign Ownership of Agricultural Land Act 2015 (RFOAL) (which is awaiting Royal Assent) was amended to include a ‘sunset provision’. The RFOAL will cease to have effect at the end of 1 December 2016 unless an Act or provisions of an Act providing for a register of foreign ownership of water entitlements commences before that time.
The Foreign Acquisitions and Takeovers Fees Imposition Bill 2015 was passed by the Commonwealth Parliament on 11 November 2015 and is also awaiting Royal Assent.
The final piece of the puzzle is the Foreign Acquisitions and Takeovers Regulation 2015. These have been the subject of public comments. Any approval of the Regulations must wait until the FATA Bill receives Royal Assent.
However, it looks like all is well on track for a 1 December 2015 commencement date.
More detailed write-ups on the relevant changes will follow on specific topics.