The Register of Foreign Ownership of Australian Assets
A new register will be administered by the ATO (the Registrar) from 1 July 2023, replacing the existing Residential Land Register, Agricultural Land Register and Water Register.
This new register (like its predecessors) will not be publicly available.
The purpose of the new register is to note the interests of foreign persons in any Australian land (irrespective of whether FIRB approval is required). Other interests required to be registered such as leases of five years or more, interesting in mining leases (of any term), interests in securities, corporations or trusts holding Australian land. Acquisition of an interest in an Australian business or Australian entity may also trigger a requirement to register the interest on the register.
The reporting obligations commenced on 1 July 2023. All required reporting must occur via the ATO’s online notification system within 30 days of settlement (or other such trigger known as the ‘registrable event day’).
Failure to provide notification within the 30-day period, may result in a fine being issued.
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