Residential land acquisitions The following table outlines estimated average costs for lodging a foreign investment application or notice for an acquisition in residential land. This cost has been used to estimate the regulatory costs or savings for relevant options outlined in the paper. The assumptions for residential land differ from the business assumptions as it is assumed residential land applications are less complex. Task Hours Total Cost Comments Consulted FIRB website and/or 1.5 98.20* Cost based on Office of phoned/emailed enquiries line, Best Practice Regulation gathered documents for an (OBPR) default hourly application, payment of the rate of $65.45 application fee Sought legal advice, submitted 1.5 1,200 Cost based on a legal application on behalf of individual, cost per hour estimated engagement with the ATO. to be $800. Total compliance cost per 3 1,298.2 residential application
Residential land acquisitions The following table outlines estimated average costs for lodging a foreign investment application or notice for an acquisition in residential land. This cost has been used to estimate the regulatory costs or savings for relevant options outlined in the paper. The assumptions for residential land differ from the business assumptions as it is assumed residential land applications are less complex. Task Hours Total Cost Comments Consulted FIRB website and/or phoned/emailed enquiries line, gathered documents for an application, payment of the application fee 1.5 98.20* Cost based on Office of Best Practice Regulation (OBPR) default hourly rate of $65.45 Sought legal advice, submitted application on behalf of individual, engagement with the ATO. 1.5 1,200 Cost based on a legal cost per hour estimated to be $800. Total compliance cost per residential application 3 1,298.2
Foreign-Investment-Legislative-Pack.docx