Significant reforms to FIRB approval from 1 January 2021
Written by Ben Malone on January 11, 2021
There are a number of significant changes to the FIRB approval framework taking effect from 1 January 2021.
One of the most significant changes is that the temporary $0 monetary screening thresholds on most foreign property investment revert to the usual thresholds which applied pre-29 March 2020 (ie the ‘pre-Covid’ thresholds already in place).
The $0 threshold will remain for sensitive national security land or businesses, meaning foreign investors will continue to require FIRB approval for these types of acquisitions regardless of value.
There have also been significant changes to the fees payable for FIRB applications – now by way of a ‘tiered’ structure tied to the value of the property which is likely to result in higher fees for most commercial property transactions, in particular higher value transactions.
Insights
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We look forward to enjoying a fun night with our peers at the LawyersWeekly Awards ceremony in August!
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Sincere thanks to our wonderful clients and hard-working team for supporting our inclusion in the Legal 500 (Asia Pacific) Guide as a leading firm in Real Estate for 2023
The Legal 500 has been analysing law firm capabilities across the world for more than 3 decades in over 150 jurisdictions. Their research is based on: “feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal market.” – https://www.legal500.com/about-us/
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Thank you to all of our wonderful clients who have supported our nomination in this category, and to our amazing lawyers and support staff for making this possible!
Wishing all the other Awardees the best of luck and looking forward to the Gala Dinner. A night out with our team is always cause for celebration – win, lose or draw!!
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Doyle's Guide 2022
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Massons – Leading Property & Real Estate Law Firms
Jodie Masson – Leading Property & Real Estate Lawyers and Leading Leasing Lawyers
Leisha de Aboitiz – Leading Property & Real Estate Lawyers and Leading Leasing Lawyers
Ben Malone – Property & Real Estate Law Rising Stars
Thank you to all of our peers and wonderful clients who have helped to achieve this recognition.
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Australia's commercial property law experts