On 1 July 2023 a new Register of Foreign Ownership of Australian Assets will come into effect. Its purpose is to record foreign interests in a broad range of Australian assets, to support compliance with Australian foreign investment laws and to increase visibility of foreign investments in Australia.
Foreign persons (including Australian companies and trusts with certain foreign interests) will have to give the Registrar notice of a variety of events within 30 days of the event occurring such as:
* the acquisition of an interest in Australian residential, commercial or
agricultural land
* the acquisition of an interest as a lessee of Australian land for a period
likely to exceed 5 years
* the acquisition of an Australian business or entity
The Register can be used for government purposes but will not be available to the public.
Failure to give the required notice in time can result in a civil penalty of $68,750.
May 2023