House debates

Thursday, 20 August 2015

Bills

Foreign Acquisitions and Takeovers Fees Imposition Bill 2015; Second Reading

9:10 am

Photo of Joe HockeyJoe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

I move:

That this bill be now read a second time.

The second bill in the package is the Foreign Acquisitions and Takeovers Fees Imposition Bill 2015.

The imposition bill introduces fees on foreign investment applications to ensure Australian taxpayers are no longer required to fund the costs of the administration and enforcement of the foreign investment regime.

For residential and agricultural properties valued at $1 million or less, foreign investors will pay a fee of $5,000. Higher fees apply to more expensive residential and agricultural properties as well as commercial real estate and business applications.

Debate adjourned.

Comments

No comments