Register of Foreign Ownership of Water or Agricultural Land Act 2015 (Repealed)

Part 3B - Requirements to give information about foreign holdings of water entitlements  

Division 3 - Changes in foreign holdings of water entitlements or contractual water rights  

Subdivision A - Requirement to notify of events affecting foreign holding of these entitlements or rights  

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

30K(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 ).

30K(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

30K(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.