King & Wood Mallesons

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FIRB announces sensible relief for investment in Australian urban land trusts

FIRB has issued a press release announcing changes to the exemption provided under the regulations for small interests in Australian urban land trust estates. New thresholds have been released, which remove the requirement to notify acquisitions of small interests in Australian urban land trust estates.

The existing exemption has been redundant for some time. We have been pressing successive governments for a review of the exemption and are pleased that this issue has been clarified. The current outdated criteria to ground the exemption are no longer able to be complied with. These include references to corporate affairs commissions of a state/ territory and the issue of an approved prospectus.

As an interim measure, before the regulation is formally put through parliament, FIRB has announced that no action will be taken when a foreign person does not notify and seek prior approval in relation to an acquisition of a passive interest in a listed or unlisted Australian urban land trust estate, by acquiring an interest in units that result in a holding (alone or with associates) of less than…

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