19Notification of foreign persons’ holdings of agricultural land as at 1 July 2015

19 Notification of foreign persons’ holdings of agricultural land as at 1 July 2015

(1) This section applies if, at the start of 1 July 2015, a foreign person held: (a) a freehold interest in agricultural land; or (b) a right to occupy agricultural land under a lease or licence whose remaining term (including any extension or renewal) was (at the start of 1 July 2015) reasonably likely to exceed 5 years. (2) The person must give notice of the holding to the Commissioner in the approved form before the end of 30 days starting on the day this section commences.

Note 1: Subdivision 388‑B in Schedule 1 to the Taxation Administration Act 1953 contains rules about giving notices in the approved form. Subdivision 286‑C in that Schedule provides for an administrative penalty for failure to give notice in the approved form on time.

Note 2: Division 4 requires or permits other persons to give notice of the event in some cases.

Note 3: The rules may provide for exemptions from requirements of this Part (see section 30).