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Monday, 23 November 2015
Page: 8684


Senator CORMANN (Western AustraliaMinister for Finance and Deputy Leader of the Government in the Senate) (20:04): Firstly, the Australian Tax Office actually commenced the stocktake of foreign ownership in agricultural land on 1 July 2015, and our expectation is that we would start to have aggregate data available early in the new year, 2016. Obviously, progressively, we will be able to work our way through that in some more detail.

Just because you have a shareholding—a minority shareholding as you put it—in another company, that does not make you an associated company. There is a range of elements. Majority shareholding would be an indication, and control through relevant directorships is a relevant indication. But there is the usual definition of 'associated companies' that captures this for the purposes of the cumulative $15 million screening test.

The TEMPORARY CHAIRMAN ( Senator Sterle ): The question is that amendment (1) on sheet 7792, moved by senators Lazarus, Lambie and Madigan, be agreed to.

The TEMPORARY CHAIRMAN ( 20:13 ): The question before the chair is that amendment (2) on sheet 7792, moved by Senators Lazarus, Lambie and Madigan, be agreed to.