Money Doesn’t Come Without Guidance ...
If you are a foreigner and wanted to invest in Australian residential land or agricultural land, you need to register first. From 1st July 2015, ATO is responsible for the land register.
You need approval prior to purchasing Australian residential land and once you get it, you are ready to purchase and register the land. You need to register with ATO within 30 days after purchasing the land. To register your investment in land, you have to apply for registration with Land Registration form.
This Land Registration form has five sections which are as follows:
In this section, you have to write details of the person who is completing the form. The person can be an individual, a representative or an agent of a company, trustee or foreign government investor (i.e. Director, public officer).
Reason for registration
Here you have to describe the reason and what type of land you are registering. If you have more than one reason, a separate registration form is required for each reason. Land type can be agricultural land or residential real estate. And reason can be transfer, buy or sell, change in status (agricultural to residential real estate and vice versa).
Ownership interest details
This section records the details of each owner interested in the land or property. The information contained in the land title documents will also be required.
Here you have to mention the property or land details about location, type of property (residential) or land (agricultural) use, and land title details.
This is the section, where you have to declare the form acknowledging contained information in this form is true and correct.
If you are filling the form online, you can only see this section. Once you have submitted the form, you’ll receive an on-screen confirmation message of your registration with a reference number. Save the reference number as a proof of registration and for any future queries regarding the registration you’ll need this reference number.