To improve the scrutiny of foreign purchases of agricultural land, the Prime Minister has announced the Government will reduce the screening threshold from $252m to $15m from 1 March 2015. The new id=”mce_marker”5m screening threshold will apply to the cumulative value of agricultural land owned by the foreign investor, including the purposed purchase.
The Government will also establish a foreign ownership register of agricultural land to strengthen reporting requirements and provide a clear picture of foreign investment in Australia’s agricultural sector.
From 1 July 2015, the ATO will start collecting information on all new foreign investment in agricultural land regardless of value. The ATO will also commence a stocktake of existing agricultural land ownership by foreign interests. The Government will continue to work with State and Territory governments so that the ATO register will use land title transfer information.
[LTN 28, 12/2/15]