Document ID: chunk:federal_register_of_legislation:C2015A00150:clause:1_94
Version: federal_register_of_legislation:C2015A00150
Segment Type: clause
Provision Reference: sch 1 cl 94
Character Range: 126778–127809

94  Acquisition of interests in residential land
 (1) A foreign person who proposes to take a notifiable action that is a residential land acquisition must not take the action if the foreign person has not given a notice relating to the action under section 81.
Note: If a person takes an action by entering an agreement, the action is not taken until the agreement is binding on the person (see subsections 15(4) and (5)).
 (2) A foreign person who gives a notice to the Treasurer, stating that a notifiable action that is a residential land acquisition is proposed to be taken, must not take the action before the day mentioned in section 82.
 (3) A person who contravenes subsection (1) or (2) is liable to a civil penalty.

Penalty
 (4) The maximum penalty for the contravention is the greater of the following:
 (a) 10% of the consideration for the residential land acquisition;
 (b) 10% of the market value of the interest in the relevant residential land.
Note: Consideration is defined by the regulations (see section 4).