Advising Small Business Series: Update on Foreign Ownership of Australian Assets
Ensure that you understand the impacts and mechanisms of the new Register of Foreign Ownership of Australian Assets as well as the ATO’s new online services for foreign investors and authorised contacts, review details of the Foreign Resident Capital Gains Withholding measure, including clearance certificates, variations and exemptions. WEB235A01BZ
Description
Attend and earn 2 CPD hours in Technical Competence
This program is applicable to practitioners from all States & Territories
9.00am to 10.00am Major Reforms to Foreign Investment Framework
- Recap on current foreign investment law and policy
- The new Register of Foreign Ownership of Australian Assets (Part 7A of the Foreign Acquisitions and Takeovers Act 1975);
- What new Australian assets will be caught
- Commencement date
- How and when to register an asset
- Updating information held on the register
- Penalties for failing to register the asset
- An overview of the ATO’s new Online services for foreign investors and authorised contacts commencing 26 June 2023
Presented by Libby Haydon, Director – Stakeholders and Reporting, Foreign Investment Programs, PG&I, Australian Taxation Office and Chris Frith, Law & Policy Manager, Australian Taxation Office
10.00am to 11.00am Foreign Resident Capital Gains Withholding
- Summary of Foreign Resident Capital Gains Withholding measure
- Clearance certificates
- Variation requests
- Exemptions
Presented by Melinda Tainsh, Director –Australian Taxation Office
Presenters
Libby Haydon
Libby Haydon is the director of Reporting and Stakeholder Engagement with the Foreign Investment Programs division of the Australia Taxation Office. This role is involved the regulation of foreign investment into residential real estate under the Foreign Acquisitions and Takeovers Act (FATA) and keeping several registers of foreign ownership of land and water entitlements. The ATO operate under a coregulation partnership model with the Treasury and part of Libby’s role is managing this important relationship. Libby has worked for the ATO for over 24 years, joining the graduate program way, way back in 1999. For the first 15 years, Libby worked in income tax and GST compliance roles predominantly focused on high wealth taxpayers with foreign source income with the last 8 being focused on the regulation of foreign investment in Australia.