The Foreign Investment Review Board (FIRB) has revised its Guidance Note on Tax Conditions for foreign investments. The Guidance Note outlines circumstances in which the Federal Treasurer will consider tax-related conditions, and serves as advice to potential foreign investors of the tax conditions that in certain circumstances may be applied to a no objection notification.

A reporting template has also been provided for applicants that are required to report to FIRB on compliance with tax conditions. 

PwC observation: Foreign investors and their advisors should review the updated Guidance Note and be proactive in approaching FIRB as early as possible. In particular, foreign investors should ensure that FIRB approval has been granted prior to execution, and in the event the structure of the transaction changes, the FIRB approval covers any such change.