The majority of the changes are contained in the Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 and are already in effect.
Some of the changes include:
These rules apply to not only to direct investment into Australia, but can also apply to some indirect holdings – group restructures are a perfect example of where a FIRB reporting requirement might fly under the radar, and the consequences of non-compliance can be severe.
FIRB issues can also arise on certain financing, development agreements, and other arrangements.
Our experienced team can assist clients navigate the new regulatory landscape by: