Welcome to our comprehensive article on the Register of Foreign Ownership of Australian Assets. This resource is designed to provide you with a wealth of information, including detailed explanations, key regulations, and practical guidance. What sets this article apart is its inclusion of all the necessary forms, important links, and relevant documents to help you navigate the registration process seamlessly. Whether you are an investor, a foreign resident in Australia, or simply seeking a better understanding of foreign ownership regulations, this article serves as a one-stop reference, offering convenience and accessibility. By exploring the content within, you will gain a comprehensive understanding of the Register of Foreign Ownership of Australian Assets while having easy access to the required forms, important links, and essential documents. Get ready to dive into this comprehensive resource and unlock the knowledge you need to navigate the Register of Foreign Ownership of Australian Assets with confidence.
Foreign persons must give notice of certain actions relating to Australian land, water, entities, businesses and other assets to the Registrar of the Register of Foreign Ownership of Australian Assets.
You need to use Online service for foreign investors to give a register notice to the Registrar (register an asset).
Online Services for Foreign Investors
You can use ATO Online services for foreign investors to manage your obligations relating to Australian investments.
You can use Online Services for Foreign Investors to:
- Lodge residential property applications and pay associated fees
- Monitor your residential application status
- View the history of your residential property applications
- Manage your foreign person details
- Manage residential and non-residential asset registrations
- Lodge vacancy fee return lodgments
- Review your payment history
- Delegate authority to representatives to act on your behalf
General Client Information
Set Up Access to Online Services for Foreign Investors
You need to complete a setup process before you can access Online services for foreign investors. You may do so by clicking the following link – Access Online services for foreign investors for businesses or entities with an Australian business number (ABN).
You will need:
- a myGovID to access Online services for foreign investors
- to complete a one-off Registration.
myGovID
As a foreign investor, you (and if applicable your representatives) need the myGovIDExternal Link app to access Online services for foreign investors.
myGovID is the Australian Government’s Digital Identity app you can download to your smart device that lets you prove who you are when logging in to a range of government online services. It is different to a myGovExternal Link account. Your myGovID is unique to you and can’t be shared.
Registration
You need to complete a one-off registration the first time you access Online services for foreign investors.
You must set up the access yourself. An authorised representative cannot do this for you. After you have access, you can authorise a representative to access Online services for foreign investors on your behalf.
Use your myGovID to log in to Online services for foreign investors. You’ll receive a 4-digit code that lets you enter the myGovID app.
Online services for foreign investors will log out after 25 minutes of inactivity. You must complete your transaction in one session, as you cannot save your progress.
Authorized representatives will need to have:
- their own myGovID
- an email address that only they can access.
First Time Access to Online Services for Foreign Investors for Entities with an ABN – Set Up Instructions
This guide relates to setting up access to Online Services for Foreign Investors for Entities with an ABN
Once you have completed the steps, you:
- Only need to use your myGovID to log in to Online services for foreign investors in future;
- Can authorise others to act on your behalf within the service.
Step 1: Set Up Your myGovID
You need a myGovID with at least Basic Identity Strength. You will not need identity documents to set up a myGovID with a Basic Identity Strength.
You can set up your myGovID in three steps.
- Download the app from the App Store or Google Play.
- Enter your personal details including your name, date of birth and email address.
- Verify your identity to increase your identity strength.
For more information, there is a video for your reference on https://www.mygovid.gov.au/
Step 2: Link your myGovID to the Business in RAM
Relationship Authorisation Manager (RAM) is an authorisation service that allows you to act on behalf of a business online when linked with your myGovID. You’ll use your myGovID to log in to RAM.
If your myGovID is already linked to your business in RAM, go to Step 3: Log in to Online services for foreign investors.
To link your business online in RAM, you must:
- be a sole trader or eligible individual associateExternal Link
- have a myGovID with a Strong identity strength – this requires an Australian passport.
If you’re unable to link online, contact the RAM support line to be linked to your business.
To link your business online:
- log in to RAMExternal Link
- select Link my business – you’ll be redirected to the ATO to find your business
- type your personal postal or residential address (as held by the ATO) and select Continue
- all eligible businesses will display – select the business you want to link and select Continue
- type your email address to receive your verification code (this can be different to the one used to set up your myGovID) select Send email then Continue
- don’t close the web browser window or log out of RAM; the verification code is only valid for the current session
- type the 6-digit verification code from the email and select Verify then Continue
- view the summary of the selected business or businesses and select ‘I understand and accept the declaration’, then Submit
- a message will display confirming your business is successfully linked; select Continue.
Step 3: Log in to Online Services for Foreign Investors
Use your myGovID to log in to Online Services for Foreign Investors
Step 4: Complete Foreign Investor Registration
You need to complete the foreign investor registration for the entity when you access Online services for foreign investors for the first time.
Note: If you are a sole trader, you must also prove your identity online.
Before you begin, collect the information needed to complete the registration in one session. Providing the following information is mandatory unless specified optional.
Registration details
- Is the entity registering as a foreign person under the Foreign Acquisitions and Takeovers Act 1975?
- Date the entity became a foreign person
- If you already have an asset in Australia, use the date the asset was acquired
- If this is the first time you are investing in Australia, use today’s date
- Entity type – company or trust (not applicable to sole traders)
- Is the entity a foreign government investor?
- Australian reference numbers ABN or ARN (optional)
- Entity legal name
- Other business or trading name (optional)
- Country of incorporation
- Source country – this is the nationality of the investor, shareholder or trustee (if there is more than one source country, provide the percentage of ownership for each country. Total ownership must be 100%)
- Entity email address
- Entity registered address.
Authorized Contacts
Note: This does not apply to sole traders
- Are you the primary business contact for this entity?
- Role – employee, business manager, director, owner
- Email address
- Is there an alternate contact person for this entity?
In conclusion, our comprehensive article on the Register of Foreign Ownership of Australian Assets provides a valuable resource for individuals seeking to navigate the registration process. With detailed explanations, key regulations, and practical guidance, readers gain a thorough understanding of this important aspect. Moreover, the inclusion of necessary forms, important links, and relevant documents ensures a convenient and seamless experience. Whether you’re an investor, a foreign resident, or simply interested in foreign ownership regulations, this article empowers you to comply with Australian requirements and contribute to transparent records.
