Who must notify FIRB before foreign investment in Australian assets?
The applicability test for Notify FIRB before foreign investment in Australian assets, computed across 35 industries, 9 business structures and 6 size bands.
Short answer: Only if
Applies when the business has foreign ownership.
What the obligation is
Foreign persons must notify the Foreign Investment Review Board before acquiring interests above prescribed thresholds.
The Foreign Acquisitions and Takeovers Act 1975 and FATR 2015 require foreign persons to notify FIRB before acquiring certain Australian land, businesses or shares. Thresholds vary by investor type, asset class and FTA status. National security review under Part 3 enhanced post-2021.
The applicability test
Applies when the business has foreign ownership.
How the regulator frames it: Foreign persons making notifiable investments in Australia.
What triggers it: Proposed acquisition above threshold or otherwise notifiable.
Jurisdiction: Commonwealth law, so the test is the same in every state and territory.
Which industries are in or out
Outcome across the 35 industries Rules Mate maps (35 of 35: no).
The answer is the same in every industry: no. Industry does not change who must comply.
Business structure and size
Structure does not change the answer across all industries: for every structure the answer is "no".
Size does not change the answer across all industries: at every size band the answer is "no".
Worked examples
Each line is one run of the Rules Mate applicability engine for a single business profile, with the reason the engine gives:
- Pty Ltd company in real estate agents with 6–19 employees, turnover $1M–$3M: does not apply. Requires foreign ownership.
Answers that bring it into scope
Starting from a small or large professional services company that does not otherwise meet the test, each of these single facts changes the engine's answer:
- The business is foreign-owned: it then applies (foreign-owned).
What you must do, and when
- When due
- Before acquisition becomes binding.
- Frequency
- When a triggering event occurs
- Evidence to keep
- FIRB application, no-objection notification, structuring documents.
- Status
- Current
- Priority
- High
Penalty for not complying
Maximum penalty: Civil penalty up to ~$1.82M (individuals), ~$18.2M (corporations); criminal liability for serious breaches.
Criminal liability
Audit or assurance level
Rules Mate has not yet classified the audit or assurance level for this obligation. Any audit, review or certification requirement is set by the regulator source listed below.
Enforcement examples
- FIRB residential divestment orders 2024 (2024): Foreign investment compliance increasingly enforced via data matching + active sweeps.
- Treasurer-directed residential property divestment orders (2024): Foreign-buyer residential property compliance is auditable through land registries + visa data. Breach attracts divestment.
- Treasurer divestment orders — foreign-owned residential property (2024): Foreign residential property compliance is data-matched + actively enforced.
Where it sits in the corpus
Rules Mate tracks 2 published obligations tagged "foreign investment", 0 of them rated critical. For a professional services Pty Ltd company with 6–19 employees operating in every state, 0 of those apply outright. This obligation is rated high priority and carries criminal liability, and is triggered by events.
Regulator, legislation and tools
FATA: Federal foreign investment regulation.
Free tools that help with this obligation:
Questions
- Who must notify FIRB before foreign investment in Australian assets?
- Applies when the business has foreign ownership.
- Do sole traders need to notify FIRB before foreign investment in Australian assets?
- No. Across every industry and every size band, the engine's answer for a sole trader is: no.
- Do businesses with 1–5 employees need to notify FIRB before foreign investment in Australian assets?
- No (1–5 employees, turnover $100K–$1M).
- When is "Notify FIRB before foreign investment in Australian assets" due?
- Before acquisition becomes binding.
Related
Sources
Computed by the Rules Mate applicability engine from the published obligation corpus; facts last checked 3 October 2026. Rules Mate is not a law firm and this is general information, not legal advice. Confirm your position with the regulator source or a qualified adviser before acting.