FIRB Regime Reforms – 1 January 2021
Currently: The Treasurer has the power and discretion to review significant actions by foreign investors. Currently there are 2 categories – (1) notifiable actions whereby the investor must notify the treasurer and seek prior approval to the investment; and (2) significant actions with no positive obligation to notify the Treasurer of the action. This reform will give the Treasurer more power for reviewing and includes more actions that are subject to review.
New regime: The new regime is summarised below. The national security amendments will not have a retrospective effect and will only apply in respect of actions taken/proposed to be taken on or after 1 January 2021.