Document ID: chunk:federal_register_of_legislation:F2024C01252:reg:57
Version: federal_register_of_legislation:F2024C01252
Segment Type: reg
Provision Reference: reg 57
Character Range: 80682–82194

57  Jointly acquiring or holding interests in a security, asset, tenement, trust or Australian land

Joint tenants
 (1) If:
 (a) 2 or more persons acquire or hold, or are to acquire or hold, an interest in a security, asset, tenement, trust or Australian land as joint tenants; and
 (b) at least 2 of those persons each become liable on the same day to pay a fee under subsection 113(1) of the Foreign Acquisitions Act in relation to that interest; and
 (c) the amount of each fee is the same and is worked out under the same section of this instrument; and
 (d) one of those fees (the first fee) is wholly or partly paid on a later day;
then, despite the section mentioned in paragraph (c), the amount of each of the remaining fees is taken to be reduced at the end of that later day by an amount equal to so much of the first fee as was paid on that later day.

Tenants in common
 (2) If:
 (a) a person acquires or holds, or is to acquire or hold, an interest in a security, asset, tenement, trust or Australian land as a tenant in common; and
 (b) the person becomes liable to pay a fee under subsection 113(1) of the Foreign Acquisitions Act in relation to that interest; and
 (c) the amount of the fee is worked out under another section of this instrument;
then, despite the section mentioned in paragraph (c), the amount of the fee is taken to be replaced by the proportion of that amount that corresponds to the person's share of the interest in the security, asset, tenement, trust or Australian land.