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Home Parliamentary Business Bills and Legislation Bills Search Results Foreign Investment Reform (Protecting Australia's National Security) Bill 2020
Foreign Investment Reform (Protecting Australia's National Security) Bill 2020
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Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020, the bill amends the: Foreign Acquisitions and Takeovers Act 1975 to: introduce a new national security test which requires mandatory notification of investments in a sensitive national security business or land and allows investments not otherwise notified to be 'called in' for review on national security grounds; provide the Treasurer, as a last resort and in extraordinary circumstances, with the ability to issue a divestment order where there is no other remedy for a national security risk; expand the enforcement, monitoring and investigative powers of the Treasurer and the Commissioner of Taxation; amend the circumstances in which an investor satisfies the change in control test; deems a foreign person to have acquired an interest in securities in an entity where the persons' proportional holdings have increased without the person taking any action; amend the definition of Australian business to include state and territory business functions; expand the tracing rules to unincorporated limited partnerships; enable information sharing with foreign governments; create a Register of Foreign Ownership of Australian Assets which incorporates the existing Register of Foreign Ownership of Water Entitlements and Register of Foreign Ownership of Agricultural Land, and create additional obligations to notify the Registrar of a broader range of interests; provide that fees are payable for new types of actions; and make consequential and technical amendments; Foreign Acquisitions and Takeovers Act 1975 and Taxation Administration Act 1953 to enable the Commissioner of Taxation to disclose protected information to the Foreign Investment Review Board for certain purposes; and Administrative Appeals Tribunal Act 1975 and Security of Critical Infrastructure Act 2018 to make consequential amendments. Also repeals the Register of Foreign Ownership of Water or Agricultural Land Act 2015.
Introduced and read a first time 28 Oct 2020
Second reading moved 28 Oct 2020
Second reading debate 03 Dec 2020
Second reading agreed to 07 Dec 2020
Consideration in detail debate 07 Dec 2020
Third reading agreed to 07 Dec 2020
Introduced and read a first time 08 Dec 2020
Third reading agreed to
: Amendment details: 2 Opposition agreed to
Consideration of Senate message
Details: House agreed to Senate amendments
Finally passed both Houses 09 Dec 2020
Act no: 114
Documents and transcripts
As passed by both Houses
Transcript of speeches
Non-Government
WILKIE, Andrew, MP
Australian Greens [1139]
MCKIM, Sen Nick
Opposition [1132]
GALLAGHER, Sen Katy
Pauline Hanson's One Nation [sheet 1165]
HANSON, Sen Pauline
Pauline Hanson's One Nation [1131]
Schedule of the amendments made by the Senate
Referred to Committee (28/10/2020): Senate Economics Legislation Committee; Committee report (26/11/2020)
Considered by scrutiny committee (20/11/2020): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 18 of 2020
Considered by scrutiny committee (26/11/2020): Parliamentary Joint Committee on Human Rights; Report 14 of 2020
An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)
First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.
Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.
Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).
Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.
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