On 8 April 2024, the Foreign Acquisitions and Takeovers Fees Imposition Amendment Act 2024 received the Royal Assent. The Act amends the foreign investment law to:

• triple foreign investment fees for the acquisition of established dwellings
• doubles vacancy fees for established and new residential dwellings for vacancy years commencing on or after 9 April 2024
• makes other related amendments. 

The amendments commenced on 9 April 2024. The Act, and the accompanying explanatory memorandum to the Bill are available on the Federal Register of Legislation website.

Updates to the Guidance Notes reflecting these changes are in development. A further announcement will be made on the website when these updates are published.

For further information visit the Australian Taxation Office.