Foreign ownership of water entitlements registration update

In brief - Foreign persons must comply with registration compliance burdens

The Federal Government's proposed changes to the Register of Foreign Ownership of Water or Agricultural Land Act 2015 have been passed which impose immediate and ongoing registration compliance burdens on foreign persons.

New laws affect foreign persons holding registrable water entitlements and contractual water rights

In our October article entitled, National register of foreign ownership of water entitlements, we advised that foreign persons who hold a "registrable water entitlement" or a "contractual water right" may need to register those interests with the Australian Taxation Office (ATO) from 1 July 2017 if the Federal Government's proposed changes to the Register of Foreign Ownership of Water or Agricultural Land Act 2015 are passed.