Extension for foreign investors to register agricultural land with the ATO
Austcham ChinaNewsExtension for foreign investors to register agricultural land with the ATO
Extension for foreign investors to register agricultural land with the ATO
As of 1 December 2015 all foreign owned agricultural land (including leases) held on or after 1 July 2015 and before 1 February 2016 must be registered with the ATO on the Agricultural Land Register. The timeframe to do this has now been extended to 29 February 2016.
The ATO’s Acting Deputy Commissioner, International, Lyndall Crompton, said “The extension will help foreign investors by giving them more time to familiarise themselves with the new law and their reporting obligations.”
Any new (or changes to existing) interests in agricultural land (held after 1 February 2016) however must be registered on the Agricultural Land Register within 30 days.
Penalties may apply if you fail to register on the Agricultural Land Register by the required date.
Agricultural land is land in Australia that is used, or could be used, for a primary production business. This includes land partially used, or where part of the land could be used, for a primary production business.
The ATO has more information here about what constitutes a primary production business.
You can find out more about the Agricultural Land Register on the ATO’s website and their media release.
