Foreign investment digital transformation
Treasury provided an update on the development of a new foreign investment portal. Expected to launch in the first half of 2025, the new portal will support applications for investment in agricultural land, business investments, commercial land and mining. It will replace the current Foreign Investment Review Board application portal and will provide a more streamlined and transparent experience for applicants.
There is no change for applications to invest in residential real estate or for administration of the Register of Foreign Ownership of Australian Assets. These will continue to be managed through ATO Online services for foreign investors.
For further information, see the Foreign investment in Australia websiteExternal Link. Alternatively, members can subscribe to updates by emailing the Foreign Investment Transformation Consultation team at FITC@treasury.gov.au
Reporting and Register update
The ATO noted recently published reports and presented key figures from each report.
- Register of foreign ownership of agricultural land – Report of registrations as at 30 June 2023External Link
- Register of foreign ownership of water entitlements – Report of registrations as at 30 June 2023External Link
The estimated proportion of agricultural land with a level of foreign ownership at 30 June 2023 was 12.9%, compared to 12.3% in 2022. The total area of agricultural land in Australia with a level of foreign ownership has decreased to just under 48 million hectares at 30 June 2023, due to a decreased proportion of land used in Australia for agricultural purposes, as reported by the Australian Bureau of Statistics.
The estimated proportion of water entitlements with a level of foreign ownership at 30 June 2023 was 11.8%, up from 11.3% in 2022.
These are the final reports that will be published in this format. The Register of Foreign Ownership of Australian Assets commenced on 1 July 2023, replacing the existing foreign investment registers for water interests, agricultural and residential land, with expanded assets to be registered. The first annual report of the Register of Foreign Ownership of Australian Assets will be for the period ending 30 June 2024.
It is important that foreign investors keep their records up to date to assist in maintaining integrity and accuracy of the data on the Register. For further information, see Register or manage an asset.
Transition of residential land registrations
The Foreign Investment Reform (Transitional Provisions – Residential Land) legislative instrument was registered in June 2024. The instrument enables information held on the ATO’s Residential Land Register to be transferred and included on the Register of Foreign Ownership of Australian Assets (the Register).
Throughout 2025, the ATO will write to all foreign persons that have had information transferred to the Register. This correspondence will include further details regarding the Register and outline ongoing obligations for the foreign persons. The correspondence will also provide information on how to register for ATO Online services for foreign investors and how to update details on the Register.