Executive summary of update

This update to the Foreign Acquisitions and Takeovers Act 1975 introduces several key changes, primarily through the Treasury Laws Amendment (Fairer for Families and Farmers and Other Measures) Act 2024 and the Administrative Review Tribunal (Consequential and Transitional Provisions No. 1) Act 2024. The most significant change is the replacement of the Administrative Appeals Tribunal (AAT) with the Administrative Review Tribunal (ART) for reviewing decisions, which impacts the appeal process for national security risk assessments. Additionally, the amendments clarify and refine the application of exemption certificates for foreign persons acquiring residential land, particularly concerning new and established dwellings. The update also includes minor technical corrections and updates to cross-references, ensuring consistency with other Commonwealth legislation.

Impacted parties

This update primarily affects foreign investors, legal and compliance teams involved in foreign investment applications, and government bodies responsible for administering the foreign investment framework, including the Treasurer and the Australian Taxation Office.

Change Analysis

1. Transition from Administrative Appeals Tribunal (AAT) to Administrative Review Tribunal (ART)

The legislation has been updated to replace all references to the Administrative Appeals Tribunal (AAT) with the new Administrative Review Tribunal (ART). This is a significant structural change in the administrative law landscape.

• Section 4 (Definitions): The definition of "AAT Act" has been replaced with "ART Act", now referring to the Administrative Review Tribunal Act 2024.
• Section 130A (ART review of decisions): This section, which previously allowed for AAT review of certain decisions, has been amended to refer to the Tribunal (now defined as the ART)....