Implements new Register of Foreign Ownership of Australian Assets

On1 July 2023, Australia implemented a new Register of Foreign Ownership of Australian Assets. Expanding on the previous registers for water interests and agricultural or residential land, the new Register records foreign interests in a broader range of Australian land, entities, businesses and assets, with significant potential penalties for non-compliance. The new registration obligations are not retrospective, but will only apply to new events from 1 July 2023, with two exceptions: • Interests in Australian water, agricultural or residential land, media assets and critical infrastructure were already registrable before the commencement of the new Register and continue to be registrable. • After commencement of the Register, if a person becomes a “foreign person” while holding relevant Australian interests or carrying on a “national security business”, those circumstances will be registrable regardless of when the interests were acquired or the business started.

• Type:

  • Entry and establishment (Approval and admission)

• Industry:

  • Not industry specific

• Sources:

  • Government portal, Register of Foreign Ownership of Australian Assets, https://www.ato.gov.au/General/Foreign-investment-in-Australia/Register-of-Foreign-Ownership-of-Australian-Assets/#:~:text=On%201%20July%202023%20the,the%20commencement%20of%20the%20Register., 31 Jul 2023
  • Global Compliance News, Australia: Register of Foreign Ownership – 1 July 2023 commencement confirmed, https://www.globalcompliancenews.com/2023/07/01/https-insightplus-bakermckenzie-com-bm-energy-mining-infrastructure_1-australia-register-of-foreign-ownership-1-july-2023-commencement-confirmed_06262023/, 01 Jul 2023