Federal Register of Legislation - Australian Government

Primary content

Rules/Other as made
This instrument specifies that certain land is not agricultural land for the purposes of the Register of Foreign Ownership of Agricultural Land Act 2015.
Administered by: Treasury
Made 23 Nov 2015
Registered 27 Nov 2015
Tabled HR 30 Nov 2015
Tabled Senate 01 Dec 2015

 

Register of Foreign Ownership of Agricultural Land Rule 2015

I, Scott Morrison, Treasurer, make the following rule.

Dated                                       23 November 2015

Scott Morrison

Treasurer

 

  

  

  


Contents

Part 1—Preliminary                                                                                                                                        1

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Definitions..................................................................................................................... 1

Part 2—Kind of land that is not agricultural land                                                                       2

5............ Land that is not agricultural land.................................................................................... 2

Part 3—Exemptions from requirements to give notice                                                             3

6............ Exemption for persons holding freehold interests or other rights because of enforcement of securities for moneylending agreements..................................................................................................................... 3

 


Part 1Preliminary

  

1  Name

                   This is the Register of Foreign Ownership of Agricultural Land Rule 2015.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The later of:

(a) the start of the day after this instrument is registered; and

(b) immediately after the commencement of the Register of Foreign Ownership of Agricultural Land Act 2015.

 

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the Register of Foreign Ownership of Agricultural Land Act 2015.

4  Definitions

                   In this instrument:

Act means the Register of Foreign Ownership of Agricultural Land Act 2015.

holding entity has the same meaning as in the Foreign Acquisitions and Takeovers Act 1975.

moneylending agreement has the same meaning as in the Foreign Acquisitions and Takeovers Regulation 2015.

subsidiary has the same meaning as in the Foreign Acquisitions and Takeovers Act 1975.

Part 2Kind of land that is not agricultural land

  

5  Land that is not agricultural land

                   For section 5 of the Act, land is not agricultural land for the purposes of the Act if the land is not agricultural land for the purposes of the Foreign Acquisitions and Takeovers Act 1975 because of the Foreign Acquisitions and Takeovers Regulation 2015.

Part 3Exemptions from requirements to give notice

  

6  Exemption for persons holding freehold interests or other rights because of enforcement of securities for moneylending agreements

             (1)  For section 30 of the Act, Part 3 of the Act does not apply to a person if:

                     (a)  the person started to hold the person’s:

                              (i)  freehold interest in agricultural land; or

                             (ii)  right to occupy agricultural land described in paragraph 19(1)(b), 21(b), 22(b), 23(b), 24(b), 25(b) or 26(b) of the Act;

                            by way of enforcement of a security held solely for the purposes of a moneylending agreement; and

                     (b)  the person is either:

                              (i)  the person (the first person) who entered the moneylending agreement; or

                             (ii)  a subsidiary or holding entity of the first person.

             (2)  Subsection (1) applies whether the person started to hold the interest or right as described in that subsection before, on or after the commencement of this section.