The Foreign Acquisitions and Takeovers Act 1975 establishes a regime for the notification, review and approval of foreign investment in Australia. The Register of Foreign Ownership of Australian Assets is established by Part 7A of the Act and will be an integral part of Australia’s foreign investment review framework.
The regulations would prescribe circumstances in which foreign persons will be required to provide information to be included on the Register. Regulatory burden is mitigated by continuing existing exemptions from some notification obligations and the design of the regime to minimise duplication of notifications.
Further details are contained in the draft explanatory statement.
Separately, the Australian Taxation Office is seeking comments (due by 24 March 2023) on draft data standards that describe the technical requirements for submitting information to the Register: