Commonwealth Push to Secure Agricultural Ownership Transparency

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Commonwealth Push to Secure Agricultural Ownership Transparency

Register of Foreign Ownership of Agricultural Land Act 2015 (Cth)

This new legislation will require foreign owners with an interest in Australian agricultural land or water to register on a national database administered by the Australian Taxation Office. The Act seeks to limit foreign ownership and leaseholds that are contrary to Australia’s national interest by promoting transparency by way of a land and water register. The Act will facilitate a statistical awareness as to the extent of foreign agricultural interests in Australia. This Act comes into effect today, whereby all foreign investors with an interest in agricultural land or water are mandatorily required to declare this interest.

 

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