The Australian Taxation Office (ATO) has informally announced that a new Register of Foreign Ownership of Australian Assets (Register) will be introduced on 1 July 2023. From that date, individual or corporate foreign persons will have 30 days to give the ATO notice of acquisition of an interest in Australian land regardless of value, if they become a foreign person while holding relevant Australian interests, or if certain circumstances change after an event has been registered. The legislation governing the new register is Part 7A of the Foreign Acquisitions and Takeovers Act (FATA)...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes