If you are a consent holder, you can apply for 2 types of variation:
- a variation to your consent or its conditions
- a variation to revoke existing conditions.
Variation of consent or conditions
You can apply to have the following aspects of a current consent varied:
- The conditions of a consent (for example, the date that a condition needs to be met).
- The consent itself (for example, extending the timeframe before the consent lapses to accommodate delays in acquiring the consented assets).
What is considered
When considering whether to grant a variation we look at all relevant factors, including the purpose of the Act, any relevant directives in the Ministerial directive Letter and any circumstances outside consent holders’ control.
If you are a consent holder and you think you may not be able to meet a condition, please contact us as early as possible.
Variation to revoke conditions of consent
In some limited situations, it is possible for us to revoke conditions of consent.
What can be revoked
The Overseas Investment (Urgent Measures) Amendment Act 2020 provided for standing consents for certain types of entities or transactions. These were referred to as ‘automatic standing consents.’ If you are a consent holder for a transaction that would no longer require consent due to changes in the law, you can apply for a variation to have your conditions of consent revoked.
The Overseas Investment Amendment Act 2021 provides for persons who cease to be overseas persons as a result of changes to the Act to apply for a variation to have their conditions of consent revoked. This power allows the Overseas Investment Office to revoke conditions that are mandatory under the Act.
The Supplementary Ministerial Directive Letters issued by the Minister of Finance state that if the transaction no longer requires consent, the Government’s expectation is that the conditions of the existing consent will be revoked unless there is a good reason not to.
What cannot be revoked
In certain circumstances some types of conditions cannot lawfully be revoked, such as conditions ensuring residential land outcomes.
The fee for a variation depends on the type of variation applied for.
Find information on the OIO fees framework and the variation fees.
Find information and resources to help you apply for a variation, including seeking expert legal advice. We suggest you contact us to discuss your situation before applying for a variation online.