The Commonwealth Government has announced that a $15 million cumulative threshold (including the purposed purchase) will apply to acquisitions of interests in agricultural land by foreign persons from 1 March 2015.

The policy will be applied by the Foreign Investment Review Board (FIRB).

Foreign persons should notify the FIRB and get prior approval to acquire an interest in agricultural land which would result in exceeding the cumulative threshold.

The Government will also establish a foreign ownership register of agricultural land.

From 1 July 2015 the Australian Tax Office (ATO) will start collecting information on all new foreign investment in agricultural land regardless of value.

The ATO will also commence a stocktake of existing agricultural land ownership by foreign interests.

The Government will work with state and territory governments so that the ATO register will use land title transfer information.

The Government will announce details of reforms to foreign investment in residential real estate soon.