Have you invested in Australian agricultural land or intend to do so? If you’re a foreign national you need to register any investments or purchases you make, regardless of their value.
The Australian Taxation Office (ATO), which will administer the law requiring the registration of foreign ownership of agricultural land holdings, is increasing scrutiny of the buying and selling of agricultural land.
The ATO’s Mark Konza says an agricultural land register has been established to ensure greater transparency of this important sector of the economy.
“If you’re a foreign investor or acting on behalf of foreign investors, you need to tell us about existing agricultural land interests by 31 December this year.
“You also need to tell us about any new investments or purchases, or if you dispose of any interest you hold in agricultural land.”
There’s more information on Australia’s Foreign Investment Policy on firb.gov.au or you can find out how to register investments, purchases or disposals on the Agricultural Land Register at ato.gov.au.