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:
You can submit responses to this consultation up until 31 March 2023. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Foreign Investment Division
Parkes ACT 2600