Tax News Update    Email this document    Print this document  

November 23, 2021
2021-2135

Australia’s Foreign Investment Review Board announces cut-off for end of year processing

On 22 November 2021, Australia’s Foreign Investment Review Board (FIRB) officially announced a cut-off to its end of year case processing. The announcement means that any notifications or applications filed with FIRB from 22 November that require FIRB approval are likely to be finalized next year (2022). This is based on the current statutory timeframe of 30 days (and an additional 10 days for notification) for FIRB approval and the high volume of notifications received by FIRB as a result of the high levels of M&A activity in the economy.

_________________________________________

For additional information with respect to this Alert, please contact the following:

Ernst & Young (Australia), Corporate Law, Sydney

Ernst & Young LLP (United States), Australia Tax Desk, New York

Ernst & Young LLP (United Kingdom), Australia Tax Desk, London

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement