Extra time for foreign investors to register agricultural land
The ATO has advised that foreigners who own land in Australia now have until 29 February 2016 to come forward and register their agricultural land holdings.
All foreign individuals, companies and trustees are required to notify the ATO if they:
- have an existing interest in agricultural land;
- have a new interest in agricultural land; and/or
- no longer have an interest in agricultural land.
If agricultural land is purchased or the ownership of land is changed on or after 1 February 2016, the ATO must be notified within 30 days.