The Federal Government passed legislation to reform the Foreign Acquisitions and Takeovers Act 1975 which commenced on 1 January 2021.
Foreign investors will:
- need approval for all investments in sensitive national security land or businesses (including starting such a business), regardless of value.
- be subject to enhanced monitoring and investigation powers, as well as stronger and more flexible enforcement options and penalties.
- bear the costs of the new regime, under a reformed fee framework.
The COVID temporary $0 monetary screening thresholds for FIRB applications have been lifted, resulting for the most part in the standard monetary thresholds being reinstated. Mandatory screening of investments in sensitive national security businesses remains at the $0 monetary threshold.
Treasury has published updated public guidance materials on the Foreign Investment Review Board website.