Document ID: chunk:federal_register_of_legislation:C2004A03762:body:0:p15
Version: federal_register_of_legislation:C2004A03762
Segment Type: other
Provision Reference: 
Character Range: 35108–37907

(2) (b) (ii) and the succeeding words of subsection (2) and substituting the following:
          "(ii) the date on which advice is given that the Commonwealth Government does not object to the person entering into that agreement (whether or not the advice is subject to conditions imposed under subsection 25 (1a));
       whichever first occurs;
     the person is guilty of an offence and is punishable, on conviction, by:
         (c) if the person is a natural person—a fine not exceeding $50,000 or imprisonment for a period not exceeding 2 years, or both; or
         (d) if the person is a corporation—a fine not exceeding $250,000.";
     (e) by inserting after subsection (5) the following subsection:
    "(5a) Without affecting the operation of section 25, this section does not apply in relation to the acquisition of a substantial shareholding in an Australian corporation if that acquisition is also an acquisition of an interest in Australian urban land.".

22. After section 26 of the Principal Act the following section is inserted:

Compulsory notification of certain section 21a transactions
"26a. (1) In this section, 'person to whom this section applies' means:
     (a) a natural person not ordinarily resident in Australia;
     (b) a corporation in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest;
     (c) a corporation in which 2 or more persons, each of whom is a natural person not ordinarily resident in Australia or a foreign corporation hold an aggregate substantial interest;
     (d) the trustee of a trust estate in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest; or
     (e) the trustee of a trust estate in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest.

"(2) Where a person to whom this section applies:
     (a) enters into an agreement by virtue of which he or she acquires an interest in Australian urban land and did not, before entering into the agreement, furnish to the Treasurer a notice stating his or her intention to enter into that agreement; or
     (b) having furnished a notice to the Treasurer stating his or her intention to enter into an agreement by virtue of which he or she is to acquire an interest in Australian urban land, enters into that agreement before:
         (i) the end of 40 days after the day on which the notice was received by the Treasurer; or
         (ii) the day on which advice is given that the Commonwealth Government does not object to the person entering into that agreement (whether or not the advice is subject to conditions imposed under subsection 25 (1a));