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REGISTER OF FOREIGN OWNERSHIP OF WATER OR AGRICULTURAL LAND ACT 2015 - SECT 3

Simplified outline of this Act

The Commissioner must keep 2 registers under this Act.

The first register is the Register of Foreign Ownership of Agricultural Land, which contains:

       (a)     information the Commissioner obtains about foreign persons' holdings of agricultural land; and

      (b)     published statistics derived from that information.

Foreign persons must give notice to the Commissioner of:

       (a)     their holdings of agricultural land as at the start of 1 July 2015; and

      (b)     later events causing agricultural land to start or cease to be held by foreign persons.

The second register is the Register of Foreign Ownership of Water Entitlements, which contains:

       (a)     information the Commissioner obtains about foreign persons' holdings of certain water entitlements and contractual water rights; and

      (b)     published statistics derived from that information.

Foreign persons must give notice to the Commissioner of:

       (a)     their holdings of such water entitlements and contractual water rights as at the end of 30 November 2017; and

      (b)     later events causing such entitlements or rights to start or cease to be held by foreign persons, notice of which must be given annually.

The Commissioner must give the Minister reports, including statistics from each register, for presentation to the Parliament.

The provisions in Schedule 1 to the Taxation Administration Act 1953 about confidentiality of information control what can be done with information in the registers (apart from the published statistics).



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