Consultation is open on the proposals for new Overseas Investment Office (OIO) fee structure and fee levels (the Proposals).
Submissions on the Proposals are due by 5pm on Friday, 19 March 2021, with the Proposals intended to take effect later this year.
The consultation document notes that the review of the OIO application fee levels and the fee framework found the cost of operating the overseas investment regime was not fully recovered from fees under the current structure.
In summary, the Proposals include:
a shift away from the current system of a single fee for applications for each investment pathway,
a differentiated fee structure including lodgement, assessment and monitoring compliance fees for most investment pathways, and
different fee levels for standard and complex applications.
The Proposals could result in substantial increases in application fees (in some instances more than double), particularly where the OIO considers an application to be more complex.
The full consultation document is available here.
Bell Gully will be making submissions on the Proposals. If you would like to make submissions on the Proposals or have any questions about the matters raised in this article, please get in touch with the contacts listed, or your usual Bell Gully adviser.
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.