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ARTICLE · 22 NOVEMBER 2015

Foreign investment changes and the effects on agriculture

ClarkeKann Lawyers
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We discuss the impact of the changes on agriculatural land and businesses.

AustraliaReal Estate and Construction
Tim Ferrier
Tim Ferrier
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FOREIGN INVESTMENT REVIEW BOARD ("FIRB") CHANGES EFFECTIVE 1 DECEMBER 2015

1. RURAL LAND

At present, foreign persons are required to obtain FIRB approval prior to acquiring an interest in rural land in Australia where the combined value of the rural land and any other rural land held by the foreign person is equal to or exceeds $15,000,000. Currently, there are no fees payable to FIRB by foreign persons seeking approval to acquire agricultural land.

APPLICATION FEES

From 1 December 2015, foreign persons will be required to pay an application fee to seek an approval to acquire rural land where their cumulative value of Australian rural land holdings is $15,000,000 or more.

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