Register of Foreign Ownership of Agricultural Land Amendment (Water) Act 2016 (96 of 2016)

Schedule 1   Amendments

Part 1   Main amendments

Register of Foreign Ownership of Agricultural Land Act 2015

27   After Part 3

Insert:

Part 3A - Register of Foreign Ownership of Water Entitlements

30A Simplified outline of this Part

The Commissioner must keep a Register of Foreign Ownership of Water Entitlements, in 2 parts.

The basic part contains information the Commissioner obtains about foreign persons' holdings of certain water entitlements and contractual water rights.

The statistical part, which must be published on a website, contains statistics derived from the information in the basic part.

The Commissioner may correct and update this register.

30B Commissioner must keep this register

The Commissioner must keep a Register of Foreign Ownership of Water Entitlements.

30C Parts of this register

(1) The Commissioner must keep this register in 2 separate parts:

(a) the basic part; and

(b) the statistical part.

(2) The basic part must contain:

(a) all the information obtained by the Commissioner under Part 3B; and

(b) any information added under section 30D; and

(c) any corrections or updates of information described in paragraph (a) or (b) that are made under section 30E.

(3) The statistical part must contain statistics derived by the Commissioner from information in the basic part of this register, and any corrections or updates of those statistics.

(4) The statistics in the statistical part must not identify, or be reasonably capable of being used to identify, a person.

30D Commissioner may add information to basic part of this register

The Commissioner may add to the basic part of this register any information obtained by the Commissioner (other than information obtained under Part 3B) relating to:

(a) the holding by a foreign person at the end of 30 November 2017 of an entitlement or right described in subsection 30H(1); or

(b) an event that is described in Subdivision B of Division 3 of Part 3B and that occurs on or after 1 December 2017.

Note 1: Information obtained under Part 3B must be included in the basic part of this register.

Note 2: Although the information described in this section is information about matters that must be notified to the Commissioner under Part 3B, the Commissioner may obtain that information in other ways, such as by the exercise of powers under section 33 of this Act or Division 353 in Schedule 1 to the Taxation Administration Act 1953.

30E Commissioner may correct or update information in this register

The Commissioner may correct or update information in the basic part, or the statistical part, of this register.

30F Statistical part of this register to be published on website

The Commissioner must publish on a website the statistical part of this register.

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

Division 1 - Simplified outline of this Part

30G Simplified outline of this Part

Foreign persons who will hold, or who hold, certain water entitlements or contractual water rights at the end of 30 November 2017 must give the Commissioner notice of those holdings.

If an event occurs on or after 1 December 2017 causing such entitlements or rights to start or cease to be held by a particular foreign person, the person must give the Commissioner notice of the event. Such notices must be given annually.

If a person required to give notice dies or is wound up before doing so, the person's executor or liquidator must give the notice. An agent may give notice for a person.

The rules may provide for exemptions from these requirements.

Division 2 - Foreign holdings of water entitlements or contractual water rights 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).

30J Notification of changes to these holdings that occur before 1 December 2017

If:

(a) a person gives notice of a holding under section 30H; and

(b) an event of a kind described in section 30M, 30P or 30Q occurs in relation to the holding before 1 December 2017;

the person must give the Commissioner notice, in the approved form, of the event before the later of:

(c) 1 December 2017; and

(d) the end of 30 days after the occurrence of the event.

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

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.

Subdivision B - Events that must be notified

30L Foreign person starting to hold a water entitlement or contractual water right

One event is that a foreign person starts to hold:

(a) a registrable water entitlement; or

(b) a contractual water right under a contract whose term (including any extension or renewal) after the person starts to hold the right is reasonably likely to exceed 5 years.

30M Foreign person ceasing to hold a water entitlement or contractual water right

Another event is that a foreign person ceases to hold:

(a) a registrable water entitlement; or

(b) a contractual water right under a contract whose term (including any extension or renewal) after the registration trigger time was (at that time) reasonably likely to exceed 5 years.

30N Becoming a foreign person while holding a water entitlement or contractual water right

Another event is that a person becomes a foreign person while holding:

(a) a registrable water entitlement; or

(b) a contractual water right under a contract whose term (including any extension or renewal) after the person becomes a foreign person is reasonably likely to exceed 5 years.

30P Ceasing to be a foreign person while holding a water entitlement or contractual water right

Another event is that a person ceases to be a foreign person while holding:

(a) a registrable water entitlement; or

(b) a contractual water right under a contract whose term (including any extension or renewal) after the registration trigger time was (at that time) reasonably likely to exceed 5 years.

30Q Change to certain characteristics of a water entitlement or contractual water right

Another event is a change to the volume of water, or to the share of a water resource, referred to in either of the following rights held by a foreign person:

(a) a registrable water entitlement;

(b) a contractual water right under a contract whose term (including any extension or renewal) after the registration trigger time was (at that time) reasonably likely to exceed 5 years.

Division 4 - Giving of notice by agents

30R Requirement for executors and administrators to give notice for persons who die

If a person who is required by section 30H, 30J or 30K to give notice dies before giving the notice, the executor or administrator of the person's estate must give notice in accordance with that section.

30S Requirement for corporate liquidators to give notice

If a person who is required by section 30H, 30J or 30K to give notice is a corporation and is wound up before giving the notice, the liquidator of the corporation must give notice in accordance with that section.

30T Agents may give notice

A person required by section 30H, 30J, 30K, 30R or 30S to give notice is taken to have complied with the requirement if someone else gives notice, in accordance with that section, on the person's behalf.

Division 5 - Exemptions from requirements to give notice

30U Rules may exempt from requirements to give notice

The rules may provide that this Part, or specified provisions of this Part, do not apply in relation to either all persons or persons specified by the rules, either generally or in circumstances specified by the rules.