On Mon 22.2.2016, Treasury issued a consultation paper seeking views on a proposed national register of foreign ownership of water access entitlements (WAEs). As part of the foreign investment framework reform package, the Government agreed to introduce legislation for the establishment of a register of foreign ownership of WAEs before 1 December 2016. The purpose of the proposed register is to enhance transparency about the level of foreign ownership of WAEs in Australia.
The Government has established a whole-of-government working group which includes representatives from the ATO. The working group will work with state and territory governments to implement the proposed register and discuss how it may interact with existing water rights registration systems and the Agricultural Land Register. The paper suggests that adding WAEs to the existing Agricultural Land Register could be cost effective as much of the information technology architecture required is already in place.
COMMENTS are due by 11 March 2016.
[LTN 34, 22/2/16] [TT extracts from consultation document]