AUSTRALIA: Comments invited on Register of Foreign Ownership of Water Entitlements

Wednesday August 24 2016

The Government of Australia has released for consultation draft amendments to the Register of Foreign Ownership of Agricultural Land Act 2015 which will establish a register of foreign ownership of water entitlements (Water Register).

As part of the foreign investment framework reform package, the Government agreed to introduce legislation to establish a Water Register before 1 December 2016. The Water Register will enhance transparency about the level of foreign ownership of water entitlements in Australia and will assist in informing the Government and the community about emerging investment trends and enhance the information available to the Government for future policy development.

The Government undertook initial consultation in February 2016 and sought views on the creation of the Water Register. Following consideration of the submissions made, the 2016-17 Budget provided that the Government would implement the Water Register by requiring foreign persons to notify and update their interests in water entitlements with the Australian Taxation Office (ATO). Water entitlements will not need to be registered before 1 July 2017.
Interested parties are invited to comment on the draft Register of Foreign Ownership of Agricultural Land Amendment (Water) Bill 2016, electronically, by post (General Manager, Foreign Investment and Trade Policy Division, The Treasury, Langton Crescent, PARKES ACT 2600) or by email to

ForeignInvestmentConsultation@treasury.gov.au (word or RTF format).

Submissions must be received by Thursday, 8 September 2016.

Click on the above link for further information.