In depth

Overview of the FIRB portal

Launch and Objectives

The Portal was fully launched on 28 May 2025 with the primary objectives of streamlining the foreign investment application and review process, improving data quality and consistency, and enhancing transparency and efficiency in interactions with Treasury. By consolidating lodgement, compliance reporting, and communication into a single platform, the Portal aims to reduce the administrative burden on FIRB and its consultation partners and minimise follow-up requests to the applicant. Dynamic, adaptive forms guide users through a sequenced process, prompting tailored questions and providing in-built guidance to ensure complete and accurate submissions from the outset.

The Portal is dynamic. For instance, on 13 September 2025, the questions were updated to include additional competition questions in response to the new merger control regime and its interaction with the foreign investment framework. Recent enhancements include a redesigned home page with quick links for messages and outstanding payments, improved submission management with separate sections for draft and submitted applications, and the ability to view all related records such as communications, variations, and compliance reports.

Key Features

To access the Portal, users must complete a secure login process via myID, the Australian Government's digital ID app used to verify identity when accessing online services. This typically involves downloading the myID application on a smartphone and verifying identity using personal details (such as a personal email address) and official identification documents. Verification typically requires two forms of identification (for example, a driver's licence and a Medicare card) to achieve a "Standard" identity strength. Each time a user logs in to the Portal, access must be authenticated through the myID app.

The Portal now uses forms in place of the previous narrative cover letters, prompting users for relevant information upfront. Questions adapt based on earlier responses, and the forms incorporate pre-populated options and built-in guidance to standardise data, though this can limit flexibility, and may present issues, particularly when dealing with complex transactions. Mandatory questions are marked with a red asterisk. Users have the option to save partially completed forms and return to complete them later.

Besides the main application process, the Portal integrates compliance reporting and payment functions. Applications can be submitted before payment is made, however, as was the case previously, the statutory decision making period does not commence until payment of the application fee is received. Payment account details have changed, with the Reserve Bank of Australia now holding the relevant account on behalf of Treasury, so users should verify any saved payment information. Fee waivers, adjustments, refunds, and remissions are also managed within the Portal and assessed by Treasury on a case-by-case basis, with outcomes communicated through the Portal. Compliance reporting is also handled through the Portal, with user-friendly forms and guidance provided. Reports must be submitted for both new and pre-existing no objection notifications and exemption certificates. Officer reports and independent audit reports can be submitted by different individuals, provided the relevant supporting documentation is attached. Draft submissions expire after not being edited for a period of 28 days, and users are notified prior to deletion.

Comparison to Previous Process

Previously, FIRB applications involved multiple channels for lodgement, communication, and compliance. As mentioned, the Portal replaces this with a single digital platform that integrates lodgement, compliance reporting, and messaging with Treasury. This means that investors no longer receive direct contact details for Treasury case officers. A welcomed change is that outcomes can be viewed in the portal, and applicants are notified by email to check the portal. No objection notifications are also received by email.

Another key change is the introduction of a central investor profile, which can be updated at any time and reused for future transactions, streamlining repeat submissions. However, updates do not apply retrospectively, and investor information is assessed as at the time of submission. It remains the user's responsibility to determine whether any changes give rise to new obligations under the foreign investment framework, including whether a new submission is required for ongoing or past applications.

Notably, the Portal does not cover residential real estate applications, which remain with the ATO.

Practical implications for complex transactions

Challenges Identified

The shift away from narrative cover letters in favour of dynamic forms has improved efficiency but reduced the freedom to provide detailed explanations. For complex transactions, Treasury has included some free-text fields and the ability to upload supporting documents. Nevertheless, the process remains more rigid than before. The available free-text fields and the ability to upload supporting documents are tied to specific questions and subject to character limits, which can make it difficult to provide a comprehensive overview of the application or address nuanced issues in sufficient detail. It is only possible to upload supporting documents in response to specific matters (e.g., structure diagrams, financials statements) - there is no general upload option.

Issues arise where the transaction involves an indirect share acquisition of an Australian target entity, as the FIRB Portal is currently largely designed on the assumption of a direct acquisition. As such, indirect acquisitions need to be explained in the relevant free-text field. The process could be improved by allowing users to select whether the acquisition is direct or indirect, with tailored fields for each option.

Issues also exist when dealing with multiple acquirors or where the direct acquiror has not yet been established. Each direct acquiror is treated as a separate investor under the FIRB Portal. This means that every direct acquiror requires its own account and mandatory fields need to be completed for every direct acquirer. Where multiple acquirors are involved, separate accounts are therefore required. The Portal requires certain mandatory fields to be completed, including legal name, ACN, and registered address, which can be problematic if an entity has not yet been established, or the relevant details determined. In some cases, users must input placeholder values to proceed. These and certain other issues with the forms force applicants to use placeholder information to progress submissions.

Only one user can edit a draft application in the Portal at a time, which can create issues where multiple people are involved in the preparation of an application and a draft has not been properly checked back in. Draft submissions can be downloaded for review or instructions, but only answered questions will appear in the downloaded document.To ensure all relevant fields are included, unanswered questions can be completed with placeholders. As stated above, drafts expire after not being edited for a period of 28 days, with a reminder issued seven days prior to deletion.

Finally, with respect to applications lodged using a "main account" (i.e., as opposed to a sub-account), only the person lodging the original application has access to communications with FIRB in respect of that application. Other (main account) authorised team members can see only the initial FIRB message and cannot access subsequent communications in the relevant thread. This lack of application-level visibility can create issues if the person lodging the original application is not available (e.g., because they are on leave). While the use of sub-accounts can address this issue, we would suggest that it should be possible for additional persons to be authorised to access all communications with respect to particular applications lodged via a main account.

Tips

Given the rigidity of dynamic forms and character limits in free-text fields, advisors may opt to draft detailed explanations and supporting content offline first. Following that, advisors can tailor responses to fit within the Portal's constraints. Where the form limits narrative detail, use the upload function to include structure diagrams (which may have notes displayed on the side to assist in explaining the diagram).

Where certain information is unavailable or pending (such as in circumstances where the direct acquirer entity is an SPV that has not yet been incorporated), users are often required to enter placeholder values in mandatory fields simply to generate a draft application.

To prevent access issues caused by multiple users working on the same application, firms should implement clear internal practices, such as logging out after use or adopting formal check-in policies. It is important to ensure that any application opened, whether intentionally or inadvertently, is properly saved and checked back in.

Applicants are also encouraged to flag issues early with Treasury: if the Portal's logic does not accommodate the relevant transaction structure, and the issue cannot be addressed by using the provided free-text fields, applicants should seek guidance by contacting Treasury, and including a screenshot and an explanation of the relevant issue(s).

Use of Sub-account for Confidentiality

Sub-accounts may be created within a primary FIRB Portal account to assist with managing client confidentiality, conflicts of interest, and the maintenance of information barriers. These sub-accounts are optional and are administered by the relevant account holder, rather than by Treasury. As such, any authorised user may establish a sub-account. Unlike the primary account, which all users can access, sub-accounts can be restricted to specific users, thereby maintaining a degree of confidentiality. Notably, a sub-account and its associated information will remain active even in the absence of linked users.

In the context of applications, where confidential information may need to be provided by third parties, the applicant should notify Treasury in advance. The third party can then provide the relevant information directly to Treasury, referencing the submission as required.

Conclusion and recommendations

The Portal is a largely intuitive and easy to navigate tool that appears to achieve many of Treasury's goals, whilst leaving some areas for improvement. To enhance the FIRB Portal's usability for legal practitioners, several enhancements should be considered.

In our view, the Portal would benefit from expanded free-text functionality. The current character limits and rigid formatting restrict the ability to explain complex structures or provide context with respect to more nuanced issues. Introducing broader narrative fields or general-purpose text boxes would allow users to clarify issues that dynamic forms cannot capture. In particular, an initial free-text field for investors to provide a brief overview of the proposed actions would be a welcomed improvement.

The single-user editing restriction can present a material challenge for collaborative legal teams. Implementing multi-user functionality, such as a version control system or real-time editing with user permissions, would improve workflow efficiency and reduce delays.

Currently, FIRB Portal applications created under a main account are visible to all users linked to that account. A more secure approach would be to restrict access by default so that only the person who created the application (and any additional persons authorised by the creator) can view and edit the application. This would allow applicants to manage confidentiality without creating multiple sub-accounts and reduce the risk of unintended disclosure.

Finally, clearer guidance is needed for complex scenarios such as indirect acquisitions, pre-incorporation investors, and consortium bids. Treasury can assist by publishing detailed examples and embed contextual help within the Portal to assist users in navigating these edge cases. We suggest that having more flexibility incorporated into the form for transactions involving multiple direct acquirors will reduce procedural barriers, enable accurate disclosures without artificial workarounds, and mitigate compliance and timing risks.

Together, these enhancements would significantly improve the Portal's functionality and better support the legal and regulatory complexities of foreign investment transactions.