Document ID: chunk:federal_register_of_legislation:C2019A00126:clause:1_6
Version: federal_register_of_legislation:C2019A00126
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 4454–5807

6  Transitional—certificate given before commencement
(1) This item applies in relation to a near‑new dwelling acquisition if the acquisition:
 (a) occurred on or after 1 July 2017; and
 (b) is covered by a residential land (near‑new dwelling interests) certificate that was given to a person (the developer) before the day this item commenced.
(2) The transitional fee period is the period:
 (a) starting immediately after the developer was given the certificate; and
 (b) ending at the end of the first reporting period that ends after 30 days following the day this item commenced.
(3) A reporting period is a 6 month period for the developer, within the meaning of subsection 113(3) of the Foreign Acquisitions Act, as amended by Part 1 of Schedule 3 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019.
(4) Subsection 6(5) of the Foreign Acquisitions and Takeovers Fees Imposition Act 2015, as amended by Part 1 of this Schedule, has effect as if the reference in that subsection to a 6 month period were a reference to the transitional fee period or any subsequent 6 month period (disregarding the definition of 6 month period in subsection 113(3) of the Foreign Acquisitions Act).
[Minister's second reading speech made in—
House of Representatives on 23 October 2019
Senate on 27 November 2019]
(208/19)