30HNotification of foreign persons’ holdings of water entitlements or contractual water rights as on 30 November 2017

30H Notification of foreign persons’ holdings of water entitlements or contractual water rights as on 30 November 2017

(1) This section applies if a foreign person will hold, or holds, either of the following at the end of 30 November 2017: (a) a registrable water entitlement; (b) a contractual water right under a contract whose remaining term (including any extension or renewal) is (at the end of 30 November 2017) reasonably likely to exceed 5 years. (2) The person must give notice of the holding to the Commissioner in the approved form during the period: (a) starting on 1 July 2017; and (b) ending on the later of: (i) 30 November 2017; and (ii) the 30th day after the day the person starts to hold that entitlement or right.

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 30U).