Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (114 of 2020)

Schedule 3   Register of Foreign Ownership of Australian Assets

Part 4   Transitional provisions

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.