Chapman Tripp is seeking a number of largely technical changes to the Overseas Investment Amendment Bill designed to:
- prevent any unintended consequences which may run counter to the government's policy objectives, and
- ensure that the additional compliance costs created are no bigger than they need to be.
We accept that the Bill has a relatively narrow ambit, to implement the government’s crackdown on the sale of residential land to overseas people. But we also put on record our belief that the principal Act requires comprehensive reform as it is overly broad in its application and captures a range of persons and transactions which are outside its intended scope.
We look forward to this broader review.
Our submission is available here.