News

ATO – Foreign Ownership of Water Entitlements Report

The second report of the Register of Foreign Ownership of Water Entitlements as at 30 June 2019 was released on 19 June 2020.   Key findings of the report show foreign ownership of Australian water entitlements at 10.5%, compared to 10.4% last year. Agriculture and mining being the main use for the water entitlements.   Under legislation, foreign persons who acquire an interest in registrable water entitlements or contractual water rights are required to register their interest on the Register of Foreign Ownership of Water Entitlements.   This means registration is required when:   your client is a foreign person who acquires a registrable water entitlement or contractual water right; or your client becomes a foreign person while holding a registrable water entitlement or contractual water right.   If either of these events occur, your client must update the Register of Foreign Ownership of Water Entitlements no later than 30 days after the end of the financial year.   We will also need to be notified if: your client is no longer a foreign person the volume of your client’s registrable water entitlement has changed your client has disposed of your interest.   To register or update us of changes to your client’s situation, complete the Land and water registration form. Your client can register at any time during the year but no later than 30 days after the end of the financial year.   Penalties may apply to your client for failing to register or inform us of changes to their situation.   For enquiries contact us between 8.00am and 5.00pm AEST Monday to Friday, on 1800 050 377 or +61 2 6216 1111 (if outside Australia).