Commonwealth Consolidated Acts Commonwealth Consolidated ActsForeign Acquisitions and Takeovers Act 1975
1 At the end of section 3
Add:
The Register of Foreign Ownership of Australian Assets is kept under Part 7A.
The Register records certain actions relating to interests acquired, held or disposed of by foreign persons. A foreign person who takes such an action (which may or may not be a significant action or a notifiable action, or otherwise covered by this Act) must give a register notice to the Registrar. In some circumstances, other people must also give notices to the Register. A civil penalty applies to a failure to give a notice under Part 7A.
2 Section 4
Insert:
"Australian water access entitlement" means a perpetual or ongoing entitlement, by or under a law of a State or Territory, to exclusive access to a share of the water resources of an area in the State or Territory.
"contractual water right" of a person means a right that the person holds (alone or jointly) under a contract or a deed to all or part of another person's:
(a) registrable water entitlement; or
(b) water allocation; or
(c) right of a kind specified in the regulations.
"data standards" means standards determined by the Registrar under section 130ZZ.
"eligible Registrar appointee" means:
(a) an Agency (within the meaning of the Public Service Act 1999 ); or
(b) a body, whether incorporated or not, established for a public purpose by or under a law of the Commonwealth; or
(c) a person:
(i) holding or performing the duties of an office established by or under a law of the Commonwealth; or
(ii) holding an appointment made under a law of the Commonwealth.
"exploration tenement" means any of the following:
(a) a right (however described) under a law of the Commonwealth, a State or a Territory to recover minerals (such as coal or ore), oil or gas in Australia or from the seabed or subsoil of the offshore area for the purposes of prospecting or exploring for minerals, oil or gas;
(b) a right that preserves a right mentioned in paragraph (a);
(c) a lease under which the lessee has a right mentioned in paragraph (a) or (b);
(d) an interest in a right mentioned in paragraph (a) or (b) or under a lease mentioned in paragraph (c).
"Register" means the Register of Foreign Ownership of Australian Assets kept under section 130S.
"Register commencement day" has the meaning given by section 130Q.
"registered circumstance" , in relation to a person, means a registered circumstance that exists in relation to the person under a provision of Division 3 of Part 7A (including regulations made for the purposes of subsection 130ZU(1)).
"register notice" means a notice that a person gives or is required to give to the Registrar under a provision of Division 3 of Part 7A (including regulations made for the purposes of subsection 130ZU(1)).
"registrable event day" :
(a) in relation to a register notice required to be given under a provision of Division 3 of Part 7A (other than subsection 130ZU(2))--means the day specified by the provision as the registrable event day for the notice; and
(b) in relation to a register notice required to be given under subsection 130ZU(2)--has the meaning given by regulations made for the purposes of subsection 130ZU(1).
Note: This definition is affected by section 130X (interests acquired by entering agreements etc.).
"registrable water entitlement" has the meaning given by section 26A.
"registrable water interest" means:
(a) a registrable water entitlement; or
(b) a contractual water right of a person under a contract or deed whose term (including any extension or renewal) after the person starts to hold the right is reasonably likely to exceed 5 years.
"Registrar" means the eligible Registrar appointee appointed under section 130R.
"water allocation" means the specific volume of water allocated to an Australian water access entitlement in a given period.
"water resource" means:
(a) surface water or ground water; or
(b) a watercourse, lake, wetland or aquifer (whether or not it currently has water in it).
An expression used in this definition that is also used in the Water Act 2007 has the same meaning as in that Act.
3 After section 26
Insert:
26A Meaning of registrable water entitlement
(1) A registrable water entitlement of a person is any of the following rights that the person holds (alone or jointly):
(a) an irrigation right (within the meaning of the Water Act 2007 ) that relates to a water resource in Australia;
(b) a right (including an Australian water access entitlement) conferred by or under a law of a State or Territory to do either or both of the following:
(i) to hold water from a water resource in Australia;
(ii) to take water from a water resource in Australia.
(2) However, a registrable water entitlement does not include:
(a) stock and domestic rights; or
(b) riparian rights; or
(c) water allocations; or
(d) a right of a kind specified in the regulations.
4 Section 116
Omit:
(c) certain disposals of interests in residential land.
substitute:
(c) certain disposals of interests in residential land; and
(d) register notices.
5 At the end of subsection 117(1)
Add:
; (e) any register notice that the person is required to give to the Registrar.
6 At the end of section 118
Add:
; (d) for paragraph 117(1)(e)--5 years after the register notice is given to the Registrar.
7 After section 126
Insert:
126A Authorisation of disclosure by Registrar of information in the Register
The Registrar may disclose information included in the Register in accordance with section 130V.
8 After Part 7
Insert:
Part 7A -- The Register of Foreign Ownership of Australian Assets
Division 1 -- Simplified outline of this Part
130P Simplified outline of this Part
The Register of Foreign Ownership of Australian Assets records certain actions relating to interests in land, water, entities, businesses and other assets in Australia.
The Register is kept by the Registrar, which is a body or person appointed by the Treasurer.
Generally, a foreign person who acquires or disposes of such an interest must give a register notice to the Registrar. The register notice may result in there being a registered circumstance in relation to the person, and the person may be required to give further register notices in relation to the registered circumstance.
For example, a person may be required to give a further register notice in relation to a registered circumstance if the nature of the interest that gave rise to the registered circumstance changes, or if the registered circumstance ceases. The events that result in a registered circumstance ceasing are set out in this Part.
No fee is payable for giving a register notice under this Part.
The Register will be required to be kept, and the notice requirements will begin to apply, on the Register commencement day.
A civil penalty applies to a failure to give a notice as required by this Part.
Division 2 -- The Register of Foreign Ownership of Australian Assets
130Q Register commencement day
The following apply on and after the day (the Register commencement day ) that Part 2 of Schedule 3 to the Foreign Investment Reform (Protecting Australia's National Security) Act 2020 commences:
(a) the Registrar's obligation under section 130S to keep the Register;
(b) a requirement for a person to give a register notice to the Registrar.
Note: In some cases, a register notice must be given (on or after the Register commencement day) in relation to an event or situation that occurred before that day. See the provisions of Division 3 for more detailed rules about the application of notice requirements.
130R Appointment of the Registrar
The Treasurer may, by notifiable instrument, appoint an eligible Registrar appointee to be the Registrar.
130S Registrar must keep Register
The Registrar must keep a Register of Foreign Ownership of Australian Assets (the Register ).
130T Information to be contained in the Register
The Register must contain:
(a) all the information obtained by the Registrar under Division 3; and
(b) any information added under section 130U; and
(c) any corrections or updates of information described in paragraph (a) or (b) that are made under the data standards.
130U Registrar may add information to the Register
The Registrar may add to the Register any information obtained by the Registrar (other than information obtained under Division 3) relating to:
(a) information obtained by the Registrar under Division 3; or
(b) a registered circumstance (including a registered circumstance that has ceased); or
(c) information obtained by the Registrar under Part 4 of Schedule 3 to the Foreign Investment Reform (Protecting Australia's National Security) Act 2020 .
Note: Information obtained under Division 3 must be included in the Register under section 130T.
130V Registrar may disclose information in the Register in certain circumstances
(1) The Registrar may disclose information included in the Register to the following persons for the purpose of those persons performing functions or duties, or exercising powers, under this Act:
(a) the Treasurer;
(b) the Secretary;
(c) the Commissioner of Taxation;
(d) a person engaged under the Public Service Act 1999 who is employed in the Department or the Australian Taxation Office;
(e) a person appointed by the Commonwealth for the purposes of this Act.
(2) The Registrar may disclose information included in the Register to a person in accordance with data standards made for the purposes of:
(a) paragraph 130ZZ(2)(f) (making information available to person who gave register notice, or to whom registered circumstance relates); or
(b) paragraph 130ZZ(2)(g) (making information available to executor, administrator or liquidator).
(3) This section does not limit the circumstances in which a person is authorised to disclose information under Division 3 of Part 7.
130W Giving notice to Registrar
(1) This section applies if a person is required to give a register notice to the Registrar.
(2) The person must give the notice:
(a) in accordance with the data standards; and
(b) before the end of 30 days after the registrable event day for the notice (or a longer period under section 130Z).
(3) If:
(a) a person gives a register notice to the Registrar; and
(b) the giving of the notice would (but for this subsection) result in a registered circumstance existing in relation to the person; and
(c) the registered circumstance would have ceased before the notice was given;
the registered circumstance does not exist in relation to the person (and does not cease).
Note: The data standards may require the register notice to include information relating to an event that results in a registered circumstance not existing under this subsection.
(4) If:
(a) a person gives a register notice to the Registrar; and
(b) at the time the person gives the register notice, the person is not a foreign person;
no registered circumstance exists in relation to the person as a result of the register notice.
Note: The data standards may require the register notice to include information about whether the person is a foreign person at the time the notice is given.
(5) The provisions of Division 3 (including any regulations made for the purposes of subsection 130ZU(1)) do not limit each other, and:
(a) notice of a single event may need to be given under more than one provision or by more than one person; and
(b) a single event may result in registered circumstances existing under more than one provision.
Note: However, the data standards may provide for register notices under multiple provisions to be given in a single notice (see paragraph 130ZZ(2)(j)).
130X Interests acquired by entering agreements etc.
(1) For the purpose of working out a registrable event day for a register notice, disregard:
(a) section 15 (interests acquired by entering agreements or acquiring options); and
(b) paragraph 19A(1)(b) (offer to acquire interests in assets of business); and
(c) paragraph 20(1)(b) (offer to acquire securities or rights in entity).
(2) Subsection (1) does not apply for the purposes of working out whether a person is required to give a register notice.
(3) However, if subsection (1) results in there being no registrable event day for a particular register notice that a person would otherwise be required to give to the Registrar, the person is not required to give the notice.
(4) The regulations may provide that this section does not apply to a specified register notice prescribed by regulations made for the purposes of subsection 130ZU(1).
(1) A person (the first person ) required to give a register notice to the Registrar is taken to have complied with the requirement if someone else gives the register notice, in accordance with that provision, on the person's behalf.
(2) For the purposes of this Act, the notice is taken to have been given by the first person.
130Z Regulations may extend time for giving notice
(1) The regulations may make provision for and in relation to extending the period in paragraph 130W(2)(b) in which a register notice must be given to the Registrar.
(2) Without limiting subsection (1), regulations made for the purposes of that subsection may do any of the following:
(a) provide for extensions that apply only if conditions are met, and provide for the Treasurer to impose such conditions generally, or in particular cases;
(b) provide for extensions that apply to specified persons;
(c) confer a power to make a decision of an administrative character on the Treasurer;
(d) confer a power on the Treasurer to make a legislative instrument providing for anything that may, under this section (other than this paragraph), be provided for by the regulations.
Division 3 -- Requirements to give register notices to the Registrar
Subdivision A -- Requirements relating to interests in land
130ZA Foreign person acquires interest in Australian land
(1) A foreign person must give a register notice to the Registrar if the foreign person acquires:
(a) an interest (other than an equitable interest) in Australian land; or
(b) without limiting paragraph (a)--an equitable interest in Australian land of a kind referred to in paragraph 12(1)(c) (interest in lease or licence with term likely to exceed 5 years), if the Australian land is agricultural land.
(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.
(3) The registered circumstance ceases if the foreign person ceases to hold the interest.
(4) The registrable event day for a register notice under this section is the day on which the foreign person acquires the interest.
Application--Register commencement day
(5) This section does not apply to an acquisition that occurs before the Register commencement day.
130ZB Foreign person acquires interest in exploration tenement
(1) A foreign person must give a register notice to the Registrar if the foreign person acquires an interest (other than an equitable interest) in an exploration tenement.
(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.
(3) The registered circumstance ceases if the foreign person ceases to hold the interest.
(4) The registrable event day for a register notice under this section is the day on which the foreign person acquires the interest.
(5) In this section, interest :
(a) has the same meaning in relation to an exploration tenement as it has in relation to Australian land; and
(b) also includes anything prescribed by the regulations.
Note: For the meaning of interest in relation to Australian land, see section 12. For other rules relating to interests in Australian land, see sections 13 and 14.
Application--Register commencement day
(6) This section does not apply to an acquisition that occurs before the Register commencement day.
130ZC Person becomes a foreign person while holding interest in land
(1) A person must give a register notice to the Registrar if:
(a) the person becomes a foreign person; and
(b) the person holds any of the following interests:
(i) an interest (other than an equitable interest) in Australian land;
(ii) without limiting subparagraph (i)--an equitable interest in Australian land of a kind referred to in paragraph 12(1)(c), if the Australian land is agricultural land;
(iii) an interest (within the meaning of section 130ZB) in an exploration tenement.
(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.
(3) The registered circumstance ceases if the foreign person ceases to hold the interest.
(4) The registrable event day for a register notice under this section is the day on which the person becomes a foreign person.
Application--Register commencement day
(5) This section applies to a person who becomes a foreign person on or after the Register commencement day, regardless of when the person began to hold the interest referred to in paragraph (1)(b).
130ZD Change in nature of interest in land
(1) A foreign person must give a register notice to the Registrar if:
(a) a registered circumstance exists in relation to the person (including a registered circumstance affected by a previous application of this section); and
(b) the Register records the registered circumstance as relating to the person holding any of the following kinds of interest:
(i) an interest in residential land;
(ii) an interest in commercial land;
(iii) an interest in agricultural land;
(iv) an interest in a mining or production tenement;
(v) an interest (within the meaning of section 130ZB) in an exploration tenement; and
(c) while the registered circumstance exists, the interest becomes an interest (the new interest ) of a kind mentioned in another subparagraph of paragraph (b); and
(d) the foreign person is aware, or ought reasonably to have become aware, of the change mentioned in paragraph (c).
Note: A registered circumstance may exist only on or after the Register commencement day.
(2) If a foreign person gives a register notice under this section, the registered circumstance becomes a registered circumstance under this section (without ceasing).
(3) The registered circumstance ceases if the foreign person ceases to hold the new interest.
(4) The registrable event day for a register notice under this section is the first day on which the person is aware, or ought reasonably to have become aware, of the change mentioned in paragraph (1)(c).
Subdivision B -- Requirements relating to registrable water interests
130ZE Foreign person acquires registrable water interest
(1) A foreign person must give a register notice to the Registrar if:
(a) the foreign person acquires a registrable water interest during a financial year; and
(b) the foreign person holds the interest at the end of the last day of the financial year.
(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.
(3) The registered circumstance ceases if the foreign person ceases to hold the interest.
(4) The registrable event day for a register notice under this section is the last day of the financial year.
Application--Register commencement day
(5) This section applies to the acquisition of a registrable water interest at any time in the financial year in which the Register commencement day occurs (including before the Register commencement day), or a later financial year.
130ZF Person becomes a foreign person while holding registrable water interest
(1) A person must give a register notice to the Registrar if:
(a) the person becomes a foreign person during a financial year; and
(b) at the end of the last day of that financial year:
(i) the person is a foreign person; and
(ii) the person holds a registrable water interest.
(2) If a foreign person gives a register notice under this section, a registered circumstance under this section exists in relation to the foreign person.
(3) The registered circumstance ceases if the foreign person ceases to hold the interest.
(4) The registrable event day for a register notice under this section is the last day of the financial year in which the person becomes a foreign person.
Application--Register commencement day
(5) This section applies to a person who becomes a foreign person at any time in the financial year in which the Register commencement day occurs (including before the Register commencement day), or a later financial year, regardless of when the person began to hold the interest referred to in subparagraph (1)(b)(ii).
130ZG Change to certain characteristics of a registrable water interest
(1) A foreign person must give a register notice to the Registrar if:
(a) on any day or days in a financial year, there is a registered circumstance in relation to the person under section 130ZE or 130ZF that relates to a registrable water interest; and
(b) on that day or any of those days, the volume of water or the share of a water resource referred to in the registrable water interest changes; and
(c) the person holds the registrable water interest at the end of the last day of the financial year.
Note: A registered circumstance may exist only on or after the Register commencement day.
(2) The registrable event day for a register notice under this section is the last day of the financial year.
Subdivision C -- Requirements relating to interests in businesses or entities
130ZH Foreign person takes action that is a significant action under section 40--entities
(1) A foreign person must give a register notice to the Registrar if:
(a) the foreign person takes an action that is a significant action under section 40, and:
(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or
(ii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or
(b) the foreign person takes an action that is a significant action under section 40, and:
(i) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; and
(ii) if the condition in subsection 40(6) (change in control) was required to be met in order for the action to be a significant action--the foreign person is aware, or ought reasonably to be aware, that that condition is met in relation to the action; or
(c) a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:
(i) has already been taken; and
(ii) was a significant action under section 40.
Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).
(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.
When registered circumstances exist and cease | ||
Item | A registered circumstance under this section exists in relation to the foreign person if ... | The registered circumstance ceases if ... |
1 | paragraph 40(2)(a) (acquiring direct interest in Australian entity that is an agribusiness) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian entity referred to in paragraph 40(2)(a); or (b) the Australian entity ceases to be an Australian entity; or (c) the Australian entity ceases to exist. |
2 | paragraph 40(2)(b) (acquiring interests in securities in entity) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the entity referred to in paragraph 40(2)(b); or (b) the entity no longer meets the condition in subsection 40(4); or (c) the entity ceases to exist. |
3 | paragraph 40(2)(c) (issuing securities in entity) applies to the action. | (a) all of the securities mentioned in paragraph 40(2)(c) cease to exist; or (b) the entity mentioned in that paragraph no longer meets the condition in subsection 40(4); or (c) the entity ceases to exist. |
4 | paragraph 40(2)(d) (entering into agreement relating to affairs of entity) applies to the action. | (a) the agreement mentioned in paragraph 40(2)(d) ceases to be in force; or (b) the foreign person ceases to be a party to the agreement; or (c) the agreement ceases to result in the obligation mentioned in subparagraph 40(2)(d)(ii); or (d) the entity mentioned in paragraph 40(2)(d) no longer meets the condition in subsection 40(4); or (e) the entity ceases to exist. |
5 | paragraph 40(2)(e) (altering constituent documents of entity) applies to the action. | (a) the document mentioned in paragraph 40(2)(e) ceases to be in force; or (b) the document ceases to produce the result mentioned in that paragraph; or (c) the entity mentioned in that paragraph no longer meets the condition in subsection 40(4); or (d) the entity ceases to exist. |
(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 1 or 2 of the table in subsection (2).
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 1 or 2 of the table.
Registrable event day
(4) The registrable event day for a register notice under this section is the earliest of the days in any of the following paragraphs that apply in relation to the notice:
(a) if paragraph (1)(a) applies--the day on which the foreign person takes the action;
(b) if paragraph (1)(b) applies, and the condition in subsection 40(6) (change in control) was required to be met in order for the action to be a significant action--the later of:
(i) the day on which the foreign person takes the action; and
(ii) the day on which the foreign person first becomes aware, or ought reasonably to become aware, that the condition in subsection 40(6) is met in relation to the action;
(c) if paragraph (1)(b) applies, and the condition in subsection 40(6) (change in control) was not required to be met in order for the action to be a significant action--the day on which the foreign person takes the action;
(d) if paragraph (1)(c) applies--the day on which the no objection notification or notice imposing conditions is given.
Application--Register commencement day
(5) This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).
130ZI Foreign person takes action that is a significant action under section 41--businesses
(1) A foreign person must give a notice to the Registrar if:
(a) the foreign person takes an action that is a significant action under section 41, and:
(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or
(ii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or
(b) the foreign person takes an action that is a significant action under section 41, and:
(i) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; and
(ii) if the condition in subsection 41(5) (change in control) was required to be met in order for the action to be a significant action--the foreign person is aware, or ought reasonably to be aware, that that condition is met in relation to the action; or
(c) a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:
(i) has already been taken; and
(ii) was a significant action under section 41.
Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).
(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.
When registered circumstances exist and cease | ||
Item | A registered circumstance under this section exists in relation to the foreign person if ... | The registered circumstance ceases if ... |
1 | paragraph 41(2)(a) (acquiring direct interest in Australian business that is an agribusiness) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian business referred to in paragraph 41(2)(a); or (b) the Australian business ceases to be an Australian business; or (c) the Australian business ceases to be carried on. |
2 | paragraph 41(2)(b) (acquiring interests in assets of Australian business) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian business referred to in paragraph 41(2)(b); or (b) the Australian business ceases to be an Australian business; or (c) the Australian business ceases to be carried on. |
3 | paragraph 41(2)(c) (entering or terminating significant agreement with Australian business) applies to the action, and the action consists of the foreign person entering a significant agreement mentioned in that paragraph. | (a) the agreement mentioned in paragraph 41(2)(c) ceases to be in force; or (b) the agreement ceases to be a significant agreement; or (c) the foreign person ceases to be a party to the agreement; or (d) the Australian business referred to in that paragraph ceases to be an Australian business; or (e) the Australian business ceases to be carried on. |
(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 1 or 2 of the table in subsection (2).
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 1 or 2 of the table.
Registrable event day
(4) The registrable event day for a notice under this section is the earliest of the days in any of the following paragraphs that apply in relation to the notice:
(a) if paragraph (1)(a) applies--the day on which the foreign person takes the action;
(b) if paragraph (1)(b) applies, and the condition in subsection 41(5) (change in control) was required to be met in order for the action to be a significant action--the later of:
(i) the day on which the foreign person takes the action; and
(ii) the day on which the foreign person first becomes aware, or ought reasonably to become aware, that the condition in subsection 41(5) (change in control) is met in relation to the action;
(c) if paragraph (1)(b) applies, and the condition in subsection 41(5) (change in control) was not required to be met in order for the action to be a significant action--the day on which the foreign person takes the action;
(d) if paragraph (1)(c) applies--the day on which the no objection notification or notice imposing conditions is given.
Application--Register commencement day
(5) This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).
(1) A foreign person must give a register notice to the Registrar if the foreign person takes an action:
(a) that is a notifiable action under section 47; and
(b) to which paragraph 47(2)(a) (acquiring direct interest in Australian entity or business that is an agribusiness) or (b) (acquiring substantial interest in Australian entity) applies.
Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).
(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.
When registered circumstances exist and cease | ||
Item | A registered circumstance under this section exists in relation to the foreign person if ... | The registered circumstance ceases if ... |
1 | subparagraph 47(2)(a)(i) (acquiring direct interest in Australian entity that is an agribusiness) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian entity mentioned in subparagraph 47(2)(a)(i); or (b) the Australian entity ceases to be an Australian entity; or (c) the Australian entity ceases to exist. |
2 | subparagraph 47(2)(a)(ii) (acquiring direct interest in Australian business that is an agribusiness) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian business referred to in subparagraph 47(2)(a)(ii); or (b) the Australian business ceases to be an Australian business; or (c) the Australian business ceases to be carried on. |
3 | paragraph 47(2)(b) (acquiring substantial interest in Australian entity) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian entity mentioned in paragraph 47(2)(b); or (b) the Australian entity ceases to be an Australian entity; or (c) the Australian entity ceases to exist. |
(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under an item of the table in subsection (2).
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under an item of the table.
(4) The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable action.
Application--Register commencement day
(5) This section applies to actions taken on or after the Register commencement day.
130ZK Foreign person takes action that is a notifiable national security action under section 55B
(1) A foreign person must give a register notice to the Registrar if the foreign person takes an action:
(a) that is a notifiable national security action under section 55B; and
(b) to which paragraph 55B(1)(a), (b) or (c) applies.
Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).
(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.
When registered circumstances exist and cease | ||
Item | A registered circumstance under this section exists in relation to the foreign person if ... | The registered circumstance ceases if ... |
1 | paragraph 55B(1)(a) (starting national security business) applies to the action. | (a) the foreign person no longer carries on the national security business mentioned in paragraph 55B(1)(a); or (b) the business is neither a national security business nor an Australian business; or (c) the business ceases to be carried on. |
2 | paragraph 55B(1)(b) (acquiring direct interest in national security business) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the business mentioned in paragraph 55B(1)(b); or (b) the business is neither a national security business nor an Australian business; or (c) the business ceases to be carried on. |
3 | paragraph 55B(1)(c) (acquiring direct interest in entity that carries on national security business) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the entity referred to in paragraph 55B(1)(c); or (b) the entity no longer carries on any business; or (c) the business carried on by the entity is neither a national security business nor an Australian business; or (d) the entity ceases to exist. |
(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 2 or 3 of the table in subsection (2).
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 2 or 3 of the table.
Registrable event day
(4) The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable national security action.
Application--Register commencement day
(5) This section applies to actions taken on or after the Register commencement day.
(1) A foreign person must give a register notice to the Registrar if:
(a) the foreign person takes an action that is a reviewable national security action under section 55D, and:
(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or
(ii) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; or
(iii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or
(b) a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:
(i) has already been taken; and
(ii) was a reviewable national security action under section 55D.
Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).
(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.
When registered circumstances exist and cease | ||
Item | A registered circumstance under this section exists in relation to the foreign person if ... | The registered circumstance ceases if ... |
1 | subsection 55D(1) (acquiring interest in entity) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the entity mentioned in subsection 55D(1); or (b) the entity ceases to be a kind of entity described in subsection 55D(3); or (c) the entity ceases to exist. |
2 | subparagraph 55D(2)(a)(i) (issuing securities in entity) applies to the action. | (a) all of the securities mentioned in subparagraph 55D(2)(a)(i) cease to exist; or (b) the entity mentioned in that subparagraph ceases to be a kind of entity described in subsection 55D(4); or (c) the entity ceases to exist. |
3 | subparagraph 55D(2)(a)(ii) (entering into agreement relating to affairs of entity) applies to the action. | (a) the agreement mentioned in subparagraph 55D(2)(a)(ii) ceases to be in force; or (b) the foreign person ceases to be a party to the agreement; or (c) the agreement ceases to result in the obligation mentioned in that subparagraph; or (d) the entity mentioned in that subparagraph ceases to be a kind of entity described in subsection 55D(4); or (e) the entity ceases to exist. |
4 | subparagraph 55D(2)(a)(iii) (altering constituent documents of entity) applies to the action. | (a) the document mentioned in subparagraph 55D(2)(a)(iii) ceases to be in force; or (b) the document ceases to produce the result mentioned in that subparagraph; or (c) the entity mentioned in that subparagraph ceases to be a kind of entity described in subsection 55D(4); or (d) the entity ceases to exist. |
(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 1 of the table in subsection (2).
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 1 of the table.
Registrable event day
(4) The registrable event day for a register notice under this section is:
(a) if paragraph (1)(a) applies--the day on which the foreign person takes the action; or
(b) if paragraph (1)(b) applies--the day on which the no objection notification or notice imposing conditions is given.
Application--Register commencement day
(5) This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).
(1) A foreign person must give a register notice to the Registrar if:
(a) the foreign person takes an action that is a reviewable national security action under section 55E, and:
(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or
(ii) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; or
(iii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or
(b) a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:
(i) has already been taken; and
(ii) was a reviewable national security action under section 55E.
Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).
(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.
When registered circumstances exist and cease | ||
Item | A registered circumstance under this section exists in relation to the foreign person if ... | The registered circumstance ceases if ... |
1 | subparagraph 55E(1)(a)(i) (acquiring interest in Australian business) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian business mentioned in subparagraph 55E(1)(a)(i); or (b) the Australian business ceases to be an Australian business; or (c) the Australian business ceases to be carried on. |
2 | subparagraph 55E(1)(a)(ii) (acquiring interest in assets of Australian business) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian business mentioned in subparagraph 55E(1)(a)(ii); or (b) the Australian business ceases to be an Australian business; or (c) the Australian business ceases to be carried on. |
3 | subparagraph 55E(1)(a)(iii) (entering or terminating significant agreement with Australian business) applies to the action, and the action consists of the foreign person entering a significant agreement mentioned in that subparagraph. | (a) the agreement mentioned in subparagraph 55E(1)(a)(iii) ceases to be in force; or (b) the agreement ceases to be a significant agreement; or (c) the foreign person ceases to be a party to the agreement; or (d) the Australian business mentioned in that subparagraph ceases to be an Australian business; or (e) the Australian business ceases to be carried on. |
4 | subsection 55E(2) (starting Australian business) applies to the action. | (a) the foreign person no longer carries on the Australian business mentioned in subsection 55E(2); or (b) the Australian business ceases to be an Australian business; or (c) the Australian business ceases to be carried on. |
(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 1 or 2 of the table in subsection (2).
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 1 or 2 of the table.
Registrable event day
(4) The registrable event day for a register notice under this section is:
(a) if paragraph (1)(a) applies--the day on which the foreign person takes the action; or
(b) if paragraph (1)(b) applies--the day on which the no objection notification or notice imposing conditions is given.
Application--Register commencement day
(5) This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).
130ZN Change in interest in an entity or business
(1) A foreign person must give a register notice to the Registrar if:
(a) there is a registered circumstance in relation to the foreign person under a provision mentioned in subsection (4); and
(b) in relation to that registered circumstance, the Register records the foreign person as holding an interest in an entity or business of a particular percentage; and
(c) the percentage interest that the foreign person holds in the entity or business differs from the percentage mentioned in paragraph (b) by 5% or more; and
(d) the foreign person is aware, or ought reasonably to have become aware, of the difference mentioned in paragraph (1)(c).
Note 1: For example, if the Register records a foreign person as holding a 30% interest in an Australian entity, the person must give notice to the Registrar if the person is aware, or ought reasonably to have become aware, that the person's interest in the entity has changed to 35% or more or 25% or less.
Note 2: A registered circumstance may exist only on or after the Register commencement day.
(2) In working out a percentage interest for the purposes of paragraph (1)(c), disregard an equitable interest.
(3) The registrable event day for a register notice under this section is the first day on which the person is aware, or ought reasonably to become aware, of the difference mentioned in paragraph (1)(c).
(4) For the purposes of paragraph (1)(a), the provisions are the following:
(a) item 1 or 2 of the table in subsection 130ZH(2) (significant actions under section 40--entities);
(b) item 1 or 2 of the table in subsection 130ZI(2) (significant actions under section 41--businesses);
(c) item 1, 2 or 3 of the table in subsection 130ZJ(2) (notifiable actions under section 47--entities and businesses);
(d) item 2 or 3 of the table in subsection 130ZK(2) (notifiable national security actions under section 55B);
(e) item 1 of the table in subsection 130ZL(2) (reviewable national security actions under section 55D--entities);
(f) item 1 or 2 of the table in subsection 130ZM(2) (reviewable national security actions under section 55E--businesses);
(g) a provision of regulations made for the purposes of subsection 130ZU(1), if the regulations provide that this section applies to the registered circumstance.
130ZO Person becomes a foreign person while holding interest in an entity or business
(1) This section applies to a person who becomes a foreign person.
(2) The person must give a register notice to the Registrar if:
(a) on the day the person becomes a foreign person, the person holds:
(i) a direct interest in an Australian entity that is an agribusiness; or
(ii) a direct interest in an Australian business that is an agribusiness; or
(iii) a substantial interest in an Australian entity; and
(b) had the person taken an action consisting of acquiring the interest on the day the person became a foreign person, the action would have been a notifiable action under either of the following:
(i) paragraph 47(2)(a) (acquiring direct interest in Australian entity or business that is an agribusiness);
(ii) paragraph 47(2)(b) (acquiring substantial interest in Australian entity).
(3) Subsections 130ZJ(2) and (3) apply in relation to the notice as if the person had taken the action mentioned in paragraph (2)(b) of this section in the same way as those subsections apply to a notice and an action of that kind under section 130ZJ.
(4) The registrable event day for a register notice under this section is the day on which the person becomes a foreign person.
Application--Register commencement day
(5) This section applies to a person who becomes a foreign person on or after the Register commencement day, regardless of when the person started to hold the interest referred to in paragraph (2)(a).
(1) This section applies to a person who becomes a foreign person.
(2) The person must give a register notice to the Registrar if:
(a) on the day the person becomes a foreign person, the person carries on a national security business; and
(b) had the person taken an action consisting of starting to carry on the national security business on the day the person became a foreign person, the action would have been a notifiable national security action under paragraph 55B(1)(a) (starting national security business).
(3) The person must give a register notice to the Registrar if:
(a) on the day the person becomes a foreign person, the person holds:
(i) a direct interest in a national security business; or
(ii) a direct interest in an entity that carries on a national security business; and
(b) had the person taken an action consisting of acquiring the interest on the day the person became a foreign person, the action would have been a notifiable national security action under either of the following:
(i) paragraph 55B(1)(b) (acquiring direct interest in national security business);
(ii) paragraph 55B(1)(c) (acquiring direct interest in entity that carries on national security business).
(4) Subsections 130ZK(2) and (3) apply in relation to the notice as if the person had taken the action mentioned in paragraph (2)(b) or (3)(b) of this section in the same way as those subsections apply to a notice and an action of that kind under section 130ZK.
(5) The registrable event day for a register notice under this section is the day on which the person becomes a foreign person.
Application--Register commencement day
(6) This section applies to a person who becomes a foreign person on or after the Register commencement day, regardless of when the person started to carry on the business referred to in paragraph (2)(a) or to hold the interest referred to in paragraph (3)(a).
Subdivision D -- Requirements relating to registered circumstances
130ZQ Registered circumstance ceases
(1) A foreign person must give a register notice to the Registrar if:
(a) a registered circumstance that relates to the foreign person ceases; and
(b) the foreign person is aware, or ought reasonably to have become aware, of the cessation.
Note 1: A register notice need not be given under this section if a registered circumstance ceases before the register notice that would give rise to the registered circumstance is given. However, the data standards may require a register notice to state whether the registered circumstance has already ceased at the time the register notice is given.
Note 2: A registered circumstance may exist only on or after the Register commencement day.
(2) The registrable event day for a register notice under this section is the day on which the foreign person is aware, or ought reasonably to have become aware, that the registered circumstance has ceased.
(3) However, if the registered circumstance is a registered circumstance under section 130ZE or 130ZF (registrable water interests), the registrable event day for a register notice under this section is the last day of the financial year in which the registered circumstance ceases.
130ZR Foreign person ceases to be a foreign person while registered circumstances exist
(1) A person must give a register notice to the Registrar if:
(a) one or more registered circumstances relate to the person; and
(b) the person ceases to be a foreign person.
Note: A registered circumstance may exist only on or after the Register commencement day.
(2) Each such registered circumstance ceases when the notice is given. No register notice under section 130ZQ is required for the cessation of a registered circumstance under this subsection.
(3) Subject to subsections (5) and (7) of this section, the registrable event day for a register notice under this section is the day on which the person ceases to be a foreign person.
Notice by executor or administrator of person who has died
(4) If the person ceases to be a foreign person because the person dies, the executor or administrator of the person's estate must give the register notice to the Registrar.
Note: The executor or administrator may also be required to give a register notice or notices under section 130ZS.
(5) If subsection (4) applies to a register notice, the registrable event day for the register notice under this section is the day on which the executor or administrator is appointed.
Notice by liquidator of corporation that is wound up
(6) If the person ceases to be a foreign person because the person is a corporation that is wound up, the liquidator of the corporation must give the register notice to the Registrar.
Note: The liquidator may also be required to give a register notice or notices under section 130ZT.
(7) If subsection (6) applies to a register notice, the registrable event day for the register notice under this section is the day on which the corporation is wound up.
(1) If a person who is required to give a register notice to the Registrar under a provision of this Division dies before giving the notice, the executor or administrator of the person's estate must give the register notice in accordance with the provision.
Note: The executor or administrator may also be required to give a register notice or notices under subsection 130ZR(4).
(2) Despite the provision of this Division mentioned in subsection (1):
(a) no registered circumstance exists because of a notice under subsection (1); and
(b) the registrable event day for a notice under subsection (1) is the day the executor or administrator is appointed.
(1) If a person who is required to give a register notice to the Registrar under a provision of this Division is a corporation and is wound up before giving the notice, the liquidator of the corporation must give the register notice in accordance with the provision.
Note: The liquidator may also be required to give a register notice or notices under subsection 130ZR(6).
(2) Despite the provision of this Division mentioned in subsection (1):
(a) no registered circumstance exists because of a notice under subsection (1); and
(b) the registrable event day for a notice under subsection (1) is the day the corporation is wound up.
Subdivision F -- Prescribed requirements
130ZU Regulations may require notice to be given to Registrar
(1) The regulations may prescribe:
(a) circumstances in which a person specified in the regulations must give a register notice to the Registrar; and
(b) the registrable event day for such a register notice; and
(c) registered circumstances that relate to a foreign person who gives such a register notice; and
(d) circumstances in which such a registered circumstance ceases.
(2) A person who is required to give a register notice under regulations made for the purposes of subsection (1) must comply with the requirement.
(3) To avoid doubt, circumstances prescribed for the purposes of paragraph (1)(a) or (d) may relate to matters or events occurring before, on or after the Register commencement day.
Note: However, a requirement to give a register notice arises only on or after the Register commencement day (see section 130Q).
Division 4 -- Consequences of failing to give notice to Registrar
130ZV Civil penalty for failing to give notice to Registrar
A person contravenes this section if:
(a) the person is required to give a register notice to the Registrar before a particular time (the notice time ); and
(b) the person does not comply with the requirement.
Civil penalty: 250 penalty units.
(1) The Treasurer may, by legislative instrument, give written directions to the Registrar about the performance of the Registrar's functions and the exercise of the Registrar's powers.
Note: Section 42 (disallowance) and Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 do not apply to the directions (see regulations made for the purposes of paragraphs 44(2)(b) and 54(2)(b) of that Act).
(2) Without limiting subsection (1), a direction under that subsection may relate to any of the following:
(a) matters to be dealt with in the data standards;
(b) without limiting section 17 (consultation before making legislative instruments) of the Legislation Act 2003, consultation processes to be followed prior to making data standards.
(3) A direction under subsection (1) must be of a general nature only.
(4) Subsection (3) does not prevent a direction under subsection (1) from relating to a particular matter to be dealt with in the data standards. However, the direction must not direct the Registrar how to apply the data standards in a particular case.
(5) The Registrar must comply with a direction under subsection (1).
(1) The Registrar may, in writing, delegate all or any of the Registrar's functions or powers under this Part (other than the power to make a legislative instrument) to:
(a) any person to whom the Registrar may delegate any of the Registrar's other functions, as a kind of body or person mentioned in the definition of eligible Registrar appointee in section 4, under a law of the Commonwealth; or
(b) any person of a kind prescribed by the regulations.
Note: Sections 34AA to 34A of the Acts Interpretation Act 1901 contain provisions relating to delegations.
(2) If a power (other than a power to make a legislative instrument) is delegated to the Registrar under subsection 137(2A), the Registrar may, in writing, subdelegate the power to a person mentioned in paragraph (1)(a) or (b) of this section.
(3) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to the subdelegation in a way corresponding to the way in which they apply in relation to a delegation.
Directions
(4) In exercising powers or performing functions delegated or subdelegated by the Registrar under this section, the delegate or subdelegate must comply with any directions of the Registrar.
130ZY Report to the Parliament
(1) The Registrar must give the Treasurer, for presentation to the Parliament, a report for each financial year that:
(a) is on the operation of this Part during the financial year; and
(b) includes statistics derived by the Registrar from information in the Register.
(2) The statistics in the report must not identify, or be reasonably capable of being used to identify, a person.
(3) The Registrar must give the report to the Treasurer as soon as practicable after 30 June in the financial year.
Note: See also section 34C of the Acts Interpretation Act 1901 , which contains extra rules about periodic reports.
(1) The Registrar may, by legislative instrument, determine data standards on matters relating to the performance of the Registrar's functions and the exercise of the Registrar's powers.
(2) Without limiting subsection (1), the data standards may provide for any of the following:
(a) the manner and form in which register notices must be given to the Registrar (including by requiring register notices to be given by electronic communication);
(b) information or documents that must accompany a register notice;
(c) how information held by the Registrar is to be authenticated, verified or validated;
(d) how information held by the Registrar is to be stored;
(e) correcting or updating information held by the Registrar;
(f) making available to a person:
(i) information included on the Register as a result of a register notice given to the Registrar by the person; and
(ii) information about a registered circumstance that relates to a person, including about whether such a registered circumstance exists;
(g) making information mentioned in paragraph (f) available to the executor or administrator of the estate of a person who has died, or to the liquidator of a person that is or was a corporation and is being or has been wound up;
(h) the manner and form of communication between the Registrar and persons who give information to the Registrar or seek to access information held by the Registrar;
(i) integrating or linking information held by the Registrar;
(j) combining register notices under multiple provisions into a single register notice.
9 Subsection 133(1)
Omit "relating to matters that are relevant to the exercise by the Treasurer of his or her powers under this Act.", substitute:
relating to:
(a) matters that are relevant to the exercise by the Treasurer of the Treasurer's powers under this Act; or
(b) information that is contained in the Register, or may be added to the Register; or
(c) circumstances in which a person is required to give a notice to the Registrar under Part 7A.
10 At the end of section 135
Add:
(4) However, this section does not apply to register notices.
Note: The manner of giving register notices is provided for by data standards made under section 130ZZ.
11 Subsection 137(1)
Omit "or 110", substitute ", 110, 130R, 130ZW or regulations made for the purposes of paragraph 130Z(2)(d)".
12 Subsection 137(2)
Omit "or 110 (exemption from stamp duty and other State or Territory taxes and fees)", substitute ", 110 (exemption from stamp duty and other State or Territory taxes and fees) or regulations made for the purposes of paragraph 130Z(2)(d) (extension of time to give register notice)".
13 After subsection 137(2)
Insert:
(2A) The Treasurer may delegate the Treasurer's powers under the following provisions to the Registrar:
(a) regulations made for the purposes of section 130Z (including the power to make an instrument under regulations made for the purposes of paragraph 130Z(2)(d));
(b) an instrument made under regulations made for the purposes of paragraph 130Z(2)(d));
(c) paragraph 133(1)(b) or (c) (power to require information or documents);
(d) section 135A (service of notices and other documents) in relation to a notice under paragraph 133(1)(b) or (c).
Register of Foreign Ownership of Water or Agricultural Land Act 2015
14 The whole of the Act
Part 3 -- Amendments consequential on repeal
Foreign Acquisitions and Takeovers Act 1975
15 Paragraph 101A(3)(b)
Omit " 2001 ;", substitute " 2001 .".
16 Paragraph 101A(3)(c)
Repeal the paragraph.
17 Paragraph 101B(2)(b)
Omit " 2001 ;", substitute " 2001 .".
18 Paragraph 101B(2)(c)
Repeal the paragraph.
Part 4 -- Transitional provisions
19 Definitions
In this Part:
Act means the Foreign Acquisitions and Takeovers Act 1975 .
agricultural land has the meaning given by the old Register Act.
agricultural land interest means:
(a) a freehold interest in agricultural land; or
(b) a right to occupy agricultural land under a lease or licence.
freehold interest has the meaning given by the old Register Act.
hold :
(a) in relation to an agricultural land interest, has a meaning affected by section 6 of the old Register Act; and
(b) in relation to a registrable water entitlement or a contractual water right, has a meaning affected by section 6A of the old Register Act.
lease includes a sublease.
old Register Act means the Register of Foreign Ownership of Water or Agricultural Land Act 2015 as in force before its repeal by Part 2 of this Schedule.
relevant water interest means:
(a) a registrable water entitlement (within the meaning of the old Register Act); or
(b) a contractual water right (within the meaning of that Act).
20 Transitional registered interest--interest in agricultural land
(1) This item applies to a person if:
(a) at any time before the Register commencement day, any of the following was given to the Commissioner of Taxation by or on behalf of a person:
(i) a notice under section 19 (holdings of agricultural land as at 1 July 2015) of the old Register Act that related to a particular agricultural land interest;
(ii) a notice under section 20 (changes of foreign persons' holdings of agricultural land) of that Act of an event described in section 21, 23 or 25 of that Act that related to a particular agricultural land interest; and
(b) the person did not, at any time before the Register commencement day, give the Commissioner of Taxation a notice under section 20 of that Act of an event described in section 22, 24 or 26 of that Act in relation to the agricultural land interest.
Registered circumstance
(2) If, at the start of the Register commencement day, the person:
(a) is a foreign person; and
(b) holds the agricultural land interest;
then:
(c) a registered circumstance under section 130ZA of the Act is taken to exist in relation to the person (despite subsection 130ZA(5) of the Act); and
(d) to avoid doubt, the registered circumstance may cease in accordance with the Act as if it were a registered circumstance under that section of the Act that exists because the person acquired the agricultural land interest.
Notice that person is no longer a foreign person, or no longer holds interest
(3) If, at the start of the Register commencement day, the person:
(a) is not a foreign person; or
(b) does not hold the agricultural land interest;
then:
(c) the person must give a notice to the Registrar; and
(d) the Act applies to that notice as if it were a register notice; and
(e) if paragraph (a) applies--the registrable event day for the register notice is the Register commencement day; and
(f) if paragraph (b) applies, and paragraph (a) does not apply--the registrable event day for the register notice is the later of:
(i) the Register commencement day; and
(ii) the day the person becomes aware, or ought reasonably to have become aware, that the person does not hold the agricultural land interest.
21 Transitional--interest in water
(1) This item applies to a person if:
(a) at any time before the Register commencement day, any of the following was given to the Commissioner of Taxation by or on behalf of a person:
(i) a notice under section 30H (holdings of water entitlements or contractual water rights as on 30 November 2017) of the old Register Act that related to a particular relevant water interest;
(ii) a notice under section 30K (changes of foreign persons' holdings of water entitlements or contractual water rights) of that Act of an event described in section 30L or 30N of that Act that related to a particular relevant water interest; and
(b) the person did not, at any time before the Register commencement day, give the Commissioner of Taxation a notice under section 30J or 30K of that Act of an event described in section 30M or 30P of that Act in relation to the relevant water interest.
Registered circumstance
(2) If, at the start of the Register commencement day, the person:
(a) is a foreign person; and
(b) holds the relevant water interest;
then:
(c) a registered circumstance under section 130ZE of the Act is taken to exist in relation to the person (despite subsection 130ZE(5) of the Act); and
(d) to avoid doubt, the registered circumstance may cease in accordance with the Act as if it were a registered circumstance under that section of the Act that exists because the person acquired the relevant water interest.
Notice that person is no longer a foreign person, or no longer holds interest
(3) If, at the start of the Register commencement day, the person:
(a) is not a foreign person; or
(b) does not hold the relevant water interest;
then:
(c) the person must give a notice to the Registrar; and
(d) the Act applies to that notice as if it were a register notice; and
(e) if paragraph (a) applies--the registrable event day for the register notice is the Register commencement day; and
(f) if paragraph (b) applies, and paragraph (a) does not apply--the registrable event day for the register notice is the later of:
(i) the Register commencement day; and
(ii) the day the person becomes aware, or ought reasonably to have become aware, that the person does not hold the relevant water interest.
22 Transitional--interest in agricultural land not previously notified to the Commissioner of Taxation
(1) This item applies to a person if:
(a) at the start of the Register commencement day, the person:
(i) is a foreign person; and
(ii) holds an agricultural land interest; and
(b) the person:
(i) was required to give a notice to the Commissioner of Taxation in relation to the agricultural land interest under section 19 of the old Register Act; or
(ii) was required to give a notice to the Commissioner of Taxation under section 20 of that Act of an event described in section 21, 23 or 25 of that Act in relation to the agricultural land interest; or
(iii) would have been required to give a notice as mentioned in subparagraph (ii) of this paragraph if the 30 - day period mentioned in section 20 of that Act had passed before the Register commencement day; and
(c) the notice was not given before the Register commencement day.
(2) The person must give a register notice to the Registrar in relation to the interest under section 130ZA of the Act.
(3) Despite subsection 130ZA(4) of the Act, the registrable event day for the notice is the Register commencement day.
23 Transitional--interest in water not previously notified to the Commissioner of Taxation
(1) This item applies to a person if:
(a) at the start of the Register commencement day, the person:
(i) is a foreign person; and
(ii) holds a relevant water interest; and
(b) the person:
(i) was required to give a notice to the Commissioner of Taxation in relation to the relevant water interest under section 30H of the old Register Act; or
(ii) was required to give a notice to the Commissioner of Taxation under section 30K of that Act of an event described in section 30L or 30N of that Act in relation to the relevant water interest; or
(iii) would have been required to give a notice as mentioned in subparagraph (ii) of this paragraph if the 30 - day period mentioned in section 30K of that Act had passed before the Register commencement day; and
(c) the notice was not given before the Register commencement day.
(2) The person must give a register notice to the Registrar under section 130ZE of the Act.
(3) Despite subsection 130ZE(4) of the Act, the registrable event day for the notice is the Register commencement day.
24 Transitional rules
(1) The Treasurer may, by legislative instrument, make rules:
(a) providing for information obtained in accordance with the Act, or contained in the Register of Foreign Ownership of Agricultural Land or Register of Foreign Ownership of Water Entitlements, before the Register commencement day to be included in the Register; and
(b) requiring the Treasurer, the Secretary or the Commissioner of Taxation to cause such information to be given to the Registrar; and
(c) providing for a registered circumstance to be taken to exist for the purposes of that Act in relation to a foreign person in circumstances (relating to transitional matters) specified in the rules; and
(d) providing for the circumstances in which such registered circumstances cease; and
(e) requiring the Registrar, in cases specified in the rules, to give a written notice to a person to whom a registered circumstance arising under the rules relates; and
(f) prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the repeal of the old Register Act.
(2) Rules under subitem (1) may only be made before the day 12 months after the Register commencement day (but may continue to apply on and after that day, and may be revoked by the Treasurer, by legislative instrument, before, on or after that day).
(3) A disclosure of information under rules made for the purposes of paragraph (1)(b) of this item is taken to be authorised by Part 7 of the Act.
(4) A registered circumstance provided for by a rule made for the purposes of paragraph (1)(c) must begin to apply:
(a) on or after the later of:
(i) the commencement of the rule; and
(ii) the Register commencement day; and
(b) no later than 12 months after the Register commencement day.
(5) To avoid doubt, the inclusion of information in the Register under the rules does not result in there being a registered circumstance in relation to a person, other than as provided for by:
(a) another provision of this Part; or
(b) rules made for the purposes of paragraph (1)(c) of this item.
(6) Section 135A (service of notices and other documents on persons who cannot be found, or who are not in Australia) of the Act applies to a notice under rules made for the purposes of paragraph (1)(e) of this item in the same way as it applies to a notice under the Act, except that a reference in that section to the Secretary, the Treasurer or the Commissioner of Taxation includes a reference to the Registrar.
(7) To avoid doubt, rules made under subitem (1) may not do the following:
(a) create an offence or civil penalty;
(b) provide powers of:
(i) arrest or detention; or
(ii) entry, search or seizure;
(c) impose a tax;
(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;
(e) directly amend the text of an Act.
25 Final report under section 34 of the old Register Act
Despite the repeal of the old Register Act by Part 2 of this Schedule, the Commissioner of Taxation must give the Minister, for presentation to the Parliament, a report under section 34 of that Act as soon as practicable after the commencement of Part 2 of this Schedule.