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.
Legislation that passed on 1 December 2015 now requires all foreigners with agricultural land holdings to enter their interest onto the Agricultural Land Register.
The deadline for lodgment of the Agricultural Land Register form has been extended from 31 December 2015 to 29 February 2016. Penalties may apply if foreign investors don’t register their interest in agricultural land by this date.
The Agricultural Land Register was established on 1 July 2015 and collects data on purchases, sales and transfers of Australian agricultural land by foreign persons.
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.
Ref: ATO media release 14 December 2016
Are you interested in joining our team?
Are you interested in joining our team? We have offices in Newcastle, East Maitland, Brisbane, Surfers Paradise, Melbourne and Sydney, make sure you Contact our office today!
Why choose to work with us?
When building a team we always search for people who love to win! If we can’t find any of those, we find people who hate to loose.
It is our people that makes us makes us an award winning team!
- Our people are passionate and love what they do.
- Our people take pride in what they do – ‘do it right the first time’
- Our people genuinely care about our values clients and want to see our clients succeed
- Our people deliver results
- Our people unite as a team to dominate and achieve great things
We are a young and dynamic team of Chartered Accountants and business advisors passionate about assisting our clients achieve there financial and personal goals.
We are seeking highly motivated staff, that are passionate career focused and have a genuine interest in joining an award winning team.
Comments are closed.