The Australian Taxation Office (ATO) recently announced the introduction of a new Register of
Foreign Ownership of Australian Assets (Register). It is expected that the Register will come
into effect from 1 July 2023.
The Register is intended to consolidate the existing registers administered by the ATO by providing a streamlined process
for foreign investors to manage their Australian investments and support compliance with Australia’s foreign investment
framework.
At the same time, the Register imposes a number of new reporting obligations for foreign investors in addition to those that are
already required under the Foreign Acquisitions and Takeovers Act 1975 (Cth) (Act), including the obligation to report interests in
mining and agricultural land, as well as small-scale property transactions. These new reporting obligations are not retrospective
and will apply only to events occurring on and from the date the Register becomes effective.
