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Register of Foreign Ownership of Agricultural Land Bill 2015

Part 3 Requirements to give information about foreign holdings of agricultural land

Division 1 Simplified outline of this Part

18   Simplified outline of this Part

After the commencement of this Act, a foreign person who held agricultural land at the start of 1 July 2015 must give the Commissioner notice of the holding.

If an event happens after the start of 1 July 2015 causing agricultural land to start or cease to be held by a particular foreign person, the person must give the Commissioner notice of the event after the commencement of this Act.

If a person required to give notice dies or is wound up before doing so, the person’s executor or liquidator must give the notice. An agent may give notice for a person.

The rules may provide for exemptions from these requirements.

Division 2 Foreign holdings of agricultural land on 1 July 2015

19   Notification of foreign persons’ holdings of agricultural land as at 1 July 2015

             (1)  This section applies if, at the start of 1 July 2015, a foreign person held:

                     (a)  a freehold interest in agricultural land; or

                     (b)  a right to occupy agricultural land under a lease or licence whose remaining term (including any extension or renewal) was (at the start of 1 July 2015) reasonably likely to exceed 5 years.

             (2)  The person must give notice of the holding to the Commissioner in the approved form before the end of 30 days starting on the day this section commences.

Note 1:       Subdivision 388-B in Schedule 1 to the Taxation Administration Act 1953 contains rules about giving notices in the approved form. Subdivision 286-C in that Schedule provides for an administrative penalty for failure to give notice in the approved form on time.

Note 2:       Division 4 requires or permits other persons to give notice of the event in some cases.

Note 3:       The rules may provide for exemptions from requirements of this Part (see section 30).

Division 3 Changes in foreign holdings of agricultural land

Subdivision A Requirement to notify Commissioner of events affecting foreign holding of agricultural land

20   Notification of changes of foreign persons’ holdings of agricultural land

                   A person must give the Commissioner notice, in the approved form, of an event described in Subdivision B involving the person and occurring after the start of 1 July 2015. The person must do so before the end of 30 days after the later of:

                     (a)  the occurrence of the event; and

                     (b)  the commencement of this section.

Note 1:       Subdivision 388-B in Schedule 1 to the Taxation Administration Act 1953 contains rules about giving notices in the approved form. Subdivision 286-C in that Schedule provides for an administrative penalty for failure to give notice in the approved form on time.

Note 2:       Division 4 requires or permits other persons to give notice of the event in some cases.

Note 3:       The rules may provide for exemptions from requirements of this Part (see section 30).

Subdivision B Events that must be notified

21   Foreign person starting to hold agricultural land

                   One event is that a foreign person starts to hold:

                     (a)  a freehold interest in agricultural land; or

                     (b)  a right to occupy agricultural land under a lease or licence whose term (including any extension or renewal) after the person starts to hold the right is reasonably likely to exceed 5 years.

22   Foreign person ceasing to hold agricultural land

                   Another event is that a foreign person ceases to hold:

                     (a)  a freehold interest in agricultural land; or

                     (b)  a right to occupy agricultural land under a lease or licence whose term (including any extension or renewal) after the registration trigger time was (at that time) reasonably likely to exceed 5 years.

23   Becoming a foreign person while holding agricultural land

                   Another event is that a person becomes a foreign person while holding:

                     (a)  a freehold interest in agricultural land; or

                     (b)  a right to occupy agricultural land under a lease or licence whose term (including any extension or renewal) after the person becomes a foreign person is reasonably likely to exceed 5 years.

24   Ceasing to be a foreign person while holding agricultural land

                   Another event is that a person ceases to be a foreign person while holding:

                     (a)  a freehold interest in agricultural land; or

                     (b)  a right to occupy agricultural land under a lease or licence whose term (including any extension or renewal) after the registration trigger time was (at that time) reasonably likely to exceed 5 years.

25   Land becoming agricultural land while held by a foreign person

                   Another event is that land becomes agricultural land while a foreign person holds:

                     (a)  a freehold interest in the land; or

                     (b)  a right to occupy the land under a lease or licence whose term (including any extension or renewal) after the time the land becomes agricultural land is (at that time) reasonably likely to exceed 5 years.

26   Land ceasing to be agricultural land while held by a foreign person

                   Another event is that land ceases to be agricultural land while a foreign person holds:

                     (a)  a freehold interest in the land; or

                     (b)  a right to occupy the land under a lease or licence whose term (including any extension or renewal) after the registration trigger time was (at that time) reasonably likely to exceed 5 years.

Division 4 Giving of notice by agents

27   Requirement for executors and administrators to give notice for persons who die

             (1)  If a person who is required by section 19 or 20 to give notice dies before giving the notice, the executor or administrator of the person’s estate must give notice in accordance with that section.

             (2)  Subsection (1) applies even if the person dies before the commencement of section 19 or 20.

28   Requirement for corporate liquidators to give notice

             (1)  If a person who is required by section 19 or 20 to give notice is a corporation and is wound up before giving the notice, the liquidator of the corporation must give notice in accordance with that section.

             (2)  Subsection (1) applies even if the corporation is wound up before the commencement of section 19 or 20.

29   Agents may give notice

                   A person required by section 19, 20, 27 or 28 to give notice is taken to have complied with the requirement if someone else gives notice, in accordance with that section, on the person’s behalf.

Division 5 Exemptions from requirements to give notice

30   Rules may exempt from requirements to give notice

                   The rules may provide that this Part, or specified provisions of this Part, do not apply in relation to either all persons or persons specified by the rules, either generally or in circumstances specified by the rules.