130PSimplified outline of this Part

#### 130P Simplified outline of this Part The Register of Foreign Ownership of Australian Assets records certain actions relating to interests in land, water, entities, businesses and other assets in Australia. The Register is kept by the Registrar, which is a body or person appointed by the Treasurer. Generally, a foreign person who acquires or disposes of such an interest must give a register notice to the Registrar. The register notice may result in there being a registered circumstance in relation to the person, and the person may be required to give further register notices in relation to the registered circumstance. For example, a person may be required to give a further register notice in relation to a registered circumstance if the nature of the interest that gave rise to the registered circumstance changes, or if the registered circumstance ceases. The events that result in a registered circumstance ceasing are set out in this Part. No fee is payable for giving a register notice under this Part. The Register will be required to be kept, and the notice requirements will begin to apply, on the Register commencement day. A civil penalty applies to a failure to give a notice as required by this Part.