Hamilton Locke Recognised in Doyle’s 2022 WA Guide
Hamilton Locke’s Corporate team has been recognised in the Doyle's 2022 Western Australia Guide, a…
Australia’s Foreign Investments Review Board (FIRB) fees are set to double from 29 July 2022.
This is estimated to result in an additional $455 million in foreign investment fees over the next four years. The change follows the Albanese Labor government’s election commitment to increase foreign investment fees and penalties, whereby penalty amounts will be increased separately in future legislation.
The minimum fee has increased to A$4,000 (for transactions below A$75,000), ranging up to a maximum of A$1,045,000 (for transactions above A$2 billion). The filing fee for most business acquisitions with a deal value below A$100 million will be A$26,400, up from A$13,200. Applications for variations and internal reorganisations will now attract a fee of A$26,400.
Foreign investors with deals likely to incur a significant filing fee should consider whether an application to FIRB can be made before 29 July. FIRB approvals are valid for 12 months, allowing time to enter into and complete a binding agreement within this timeframe.
The Treasury’s media release can be found here: https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/increase-foreign-investment-fees-and-penalties
For more information, please contact Cristín McCoy