Fees On Foreign Investment Applications (FIRB)
All information quote from Foreign Investment Review Board
• Foreign persons are required to pay a fee for each application made, or notice given under the Foreign Acquisitions and Takeovers Act 1975 (the Act). The fee for a notice or application will generally depend on the value and kind of action that has been taken or is proposed to be taken.
• From 1 January 2021, amendments to the Foreign Acquisitions and Takeovers Fees Imposition Act 2015 (the Fees Act) and the introduction of the Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020 (the Fees Regulation) changed the way that fees are calculated for applications and notices.
• Fees are generally payable at the time an application or notice is lodged. For most applications, the statutory timeframe of 30 days for making a decision on an application or notification will not start until the correct fee has been paid.
• An applicant may give notice, at the same time, of multiple actions that are proposed to be taken, or have been taken, under the same agreement. The fee payable for these actions may be adjusted under the ‘single agreement rule’.
• Other rules apply in particular circumstances that may result in a fee being adjusted. Investors should familiarise themselves with these rules.
• Fees are applicable where an applicant wishes to vary a no objection notification, notice imposing conditions or exemption certificate. Fees are also applicable where an action is ‘called-in’ by the Treasurer or where an investor notifies the Treasurer of a retrospective action.
• There is an annual vacancy fee for foreign owners of residential dwellings if the dwelling is not residentially occupied or rented out for at least 183 days (approximately 6 months) in a year.
• The Treasurer may waive or remit the whole or a part of a fee that is payable, if satisfied that it is not contrary to the national interest. All applications for fee waivers or remissions will be considered on a case-by-case basis and all decisions are final.
• Please note, fee amounts included in this Guidance Note have been updated to include fees that apply from 29 July 2022. Fees will be indexed in subsequent financial years.
WHEN DOES A FEE APPLY AND HOW IS IT PAID?
Fees are payable at the time an application is made or notice is given. For most applications, the statutory timeframe of 30 days for making a decision will not start until the correct fee has been paid.
The fees that are payable depend on the value and type of action being taken, and whether special fee rules apply.
Fees and statutory timeframes
Foreign persons are required to pay a fee for each application made, or notice given, under the Act and the Foreign Acquisitions and Takeovers Regulation 2020 (the Regulation) (limited exceptions apply).
In most cases, the statutory timeframe of 30 days for making a decision will not commence until the correct fee has been paid.
For actions that have been ‘called-in’ by the Treasurer, the fee must be paid within 30 days of the ‘call-in’ notice being given. In these circumstances, the statutory timeframe will commence once the notice is given rather than when the fee has been paid.
Applicants should accurately describe their proposed action in their application or notice and determine the expected fee at the time of lodgement.
Understating the consideration or inaccurately describing action(s) for which the application or notice relates may result in delays to the statutory timeframe commencing.
Where there has been an overpayment of a fee by an applicant, the statutory timeframe will have commenced when the fee was paid. The overpaid amount will be remitted.
How is the fee paid?
Once a foreign investment application has been lodged through the applicable Portal, applicants will receive an application receipt.
• For residential land applications, which are lodged through the Australian Taxation Office (the ATO) Portal, applicants will receive an on-screen confirmation containing the fee details.
• For non-residential applications, which are lodged through the FIRB Application Portal, applicants will receive an email advising that an initial fee estimate based on the information they have provided in their online application will be calculated within several business days, at which time they will receive the details via email to make payment. Please note, this initial fee estimate may be subject to change as a result of the review process. Once the fee has been paid, applicants will receive a notification which will include details of the 30 day statutory deadline.
On-screen messages and emails will include the applicants unique Payment Reference Number (PRN) and details on how to pay the fee. It is important to use the correct PRN provided to you for payment of your application. To ensure your fee payment is received, please provide your PRN exactly as it appears on the application confirmation page. Do not add spaces, names, hyphens or other text with this number. Missing or incorrect PRNs may cause a delay to the processing of your application.
Payment options include Government EasyPay, BPay, Direct Credit and transfer from an overseas bank account. Fees paid by cheque will not be accepted. When paying the fee, ensure monies are in Australian dollars and all applicable transaction fees are accounted for, as a shortfall will delay application processing.