Bill
Register of Foreign Ownership of Agricultural Land Bill 2015
passed, as at 2015-11-25. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2015-08-20
- second reading — 2015-08-20
- second reading — 2015-09-16
- second reading — 2015-09-17
- second reading — 2015-09-17
- third reading — 2015-09-17
- introduced — 2015-09-17
- second reading — 2015-09-17
- second reading — 2015-11-11
- second reading — 2015-11-11
- third reading — 2015-11-11
- passed — 2015-11-11
- royal assent — 2015-11-25
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2015-08-20.
This bill is one of a three-bill package that would create a new register of foreign-owned agricultural land in Australia.
The Commissioner of Taxation would run the register, which would hold details of foreign persons' interests in agricultural land, with a public statistical part that does not identify individuals.
The register defines agricultural land as land in Australia used or reasonably usable for a primary production business under the ITAA 1997, and the Commissioner must give the Minister an annual report on the register's operation.
- Establishes a Register of Foreign Ownership of Agricultural Land to be administered by the Commissioner.
- Requires the Commissioner to publish the statistical part of the Register online.
- Requires the Commissioner to give the Minister an annual report on the Act's operation, including statistics from the basic part of the Register.
- Makes the Act a taxation law under the TAA 1953, so existing confidentiality rules in that Act apply.
Foreign persons who hold interests in agricultural land in Australia, the Commissioner of Taxation, and the Minister.
Sources
em
billhome
frl act