The Australian Taxation Office (ATO) Register of Foreign Ownership of Australian Assets (Register) is expected to come into effect from 1 July 2023.

The Register will hold details about foreign ownership of Australian assets, including:

• residential land
• commercial land
• agricultural land
• business and entity-related interests, where applicable
• mining, production, and exploration tenements.

“Foreign Persons” (which may include companies and trusts) may be required to register their interest in:

• real property, water licences or leases over five years (including options) – regardless of whether obtaining FIRB approval is required; or
• any other assets that require FIRB approval including exemption certificate holders,

on the Register of Foreign Ownership of Australian Assets within 30 days of settlement.

A foreign person will be required to create a ‘myGovID’ to access the online service.

These new reporting obligations will apply only to events occurring on and from the date the Register becomes effective.

There is no fee charged for the registration.

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