Registration of agricultural land ownership for foreign persons will be handled by ATO
From 1 July 2015, the ATO will be responsible for a register related to foreign ownership of agricultural land.
All foreign individuals, companies and trustees are required to notify the Australian Taxation Office if they:
- have an existing interest in agricultural land
- have a new interest in agricultural land
- no longer have an interest in agricultural land.
All existing interests must be notified by 31 December 2015.
New land purchases will have to be registered within 30 days
From 1 March 2015, privately-owned foreign investors have already been required to get prior approval for a proposed acquisition of an interest in rural land where the cumulative value of rural land that the foreign person (and any associates) already holds exceeds, or immediately following the proposed acquisition is likely to exceed, $15million.