Document ID: chunk:federal_register_of_legislation:F2024L00811:reg:3
Version: federal_register_of_legislation:F2024L00811
Segment Type: reg
Provision Reference: reg 3
Character Range: 8318–10593

3     The Commissioner of Taxation is required to cause information relating to an acquisition of an interest in residential land by a foreign person under subsection 5(1) of this instrument be given to the Registrar.  Both of the following apply:
                                                                                                                                                                                                                           (a) a registered circumstance is not otherwise taken to exist, or to have ever existed, in relation to the foreign person in relation to the acquisition;
                                                                                                                                                                                                                           (b) at the start of the Register commencement day, the foreign person:
                                                                                                                                                                                                                           (i) was still a foreign person; and
                                                                                                                                                                                                                           (ii) still held an interest the residential land.

 (2) A registered circumstance, that is taken to exist for the purposes of the Act under subsection (1), begins to apply on 30 June 2024.
 (3) A registered circumstance, that is taken to exist for the purposes of the Act under subsection (1), ceases to apply immediately after it begins to apply if:
 (a) at the time it begins to apply, either of the following apply:
 (i) the foreign person was no longer a foreign person;
 (ii) the foreign person no longer held an interest in the residential land; or
 (b) just before 1 January 2026, the Registrar has not given the foreign person a written notice under subsection 7(1).
 (4) A registered circumstance, that is taken to exist for the purposes of the Act under subsection (1), ceases to apply if the foreign person stops holding an interest in the residential land after 30 June 2024.