Foreign Acquisitions and Takeovers Act 1975

The Foreign Acquisitions and Takeovers Act 1975 is a comprehensive legislation that regulates foreign acquisitions and takeovers in Australia. The Act aims to protect Australian national interests and prevent the acquisition of significant control over Australian businesses or assets by foreign entities.

Key provisions of the Act include:

• Definition of key terms such as "associate", "interest", and "signific ant action"
• Application of the Act to individuals, entities, and unincorporated limited partnerships
• Exemptions for certain types of transactions, including acquisitions of new dwellings and foreign persons
• Powers of the Treasurer to order prohibitions on proposed actions, interim orders, and disposal orders
• Liability for contravention of conditions and civil penalties for officers of corporations

The Act also provides for fees in relation to actions taken under the Act, including vacancy fees for foreign acquisitions of residential land. The Treasury is responsible for administering the Act and enforcing its provisions.

Overall, the Foreign Acquisitions and Takeovers Act 1975 plays a critical role in regulating foreign investment in Australia and protecting national interests.