30KNotification of changes of foreign persons’ holdings of water entitlements or contractual water rights

30K Notification of changes of foreign persons’ holdings of water entitlements or contractual water rights

(1) A person must give the Commissioner notice, in the approved form, of the events described in Subdivision B that: (a) involve the person; and (b) occur during a financial year; and (c) relate to a registrable water entitlement or a contractual water right. The person must do so before the end of 30 days after the end of the financial year.

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: If the person’s notice misses an event occurring during the financial year, a further notice will need to be given.

Note 3: Division 4 requires or permits other persons to give notice of the events in some cases.

Note 4: The rules may provide for exemptions from requirements of this Part (see section 30U).

(2) Subsection (1) applies to: (a) the period starting on 1 December 2017 and ending on 30 June 2018 as if that period were a financial year; and (b) the 2018‑19 financial year and each later financial year. Exceptions (3) Subsection (1) does not apply to: (a) a person if the person is not a foreign person: (i) at the end of the financial year; and (ii) at the end of the previous financial year; or (b) an entitlement or right if the person does not hold the entitlement or right: (i) at the end of the financial year; and (ii) at the end of the previous financial year.