If you're a foreign person acquiring property or other assets in Brisbane or Queensland, the rules changed on 1 July 2023 and missing a compliance deadline can cost you.
Australia now operates a single, consolidated Register of Foreign Ownership of Australian Assets, administered by the Australian Taxation Office. It replaces three previously separate registers and casts a significantly wider net than many people realise. Whether you need FIRB (Foreign Investment Review Board) approval or not, certain acquisitions now trigger a mandatory registration obligation.
At River City Conveyancing, we guide buyers and sellers through the full conveyancing process; including the compliance obligations that often get missed in the excitement of property settlement. If you're a foreign person purchasing property in Brisbane or anywhere in Queensland, this is one of those obligations you simply can't overlook.
Here's everything you need to understand, explained clearly and without the legal jargon.
What Is the Register of Foreign Ownership of Australian Assets?
The Register of Foreign Ownership of Australian Assets (the Register) is a centralised ATO-administered database recording the interests of foreign persons in Australian assets. It came into operation on 1 July 2023 under the Register of Foreign Ownership of Australian Assets Act 2023 (Cth).
It replaces and consolidates three previous registers:
The Residential Land Register
The Agricultural Land Register
The Water Register
While those three registers had a narrower focus, primarily land of specific types, the new Register is considerably broader. It covers a wider range of asset classes and applies regardless of whether your acquisition required FIRB approval.
The Register is not publicly accessible. It is a government compliance and monitoring tool, not a public title record. However, that doesn't diminish your obligation to register non-compliance carries financial penalties.
Who Is a "Foreign Person" Under the Act?
The definition of a "foreign person" for the purposes of the Register (and Australian foreign investment law generally) is broader than most people expect.
It captures:
An individual who is not an Australian citizen and does not ordinarily reside in Australia
An individual who holds a temporary visa (including certain visa holders who live in Australia)
A foreign corporation: a corporation incorporated outside Australia, or one in which foreign persons hold a substantial interest
A foreign government or foreign government investor
A trust in which a foreign person holds a substantial interest or exercises significant influence
If you hold an Australian permanent residency visa and ordinarily reside in Australia, you are generally not treated as a foreign person for these purposes. But the details matter, if you're unsure of your status, this is the first thing to clarify.
What Acquisitions Trigger a Registration Obligation?
This is where the new Register differs most significantly from its predecessors. The reporting obligation applies to foreign persons who acquire a registrable interest in a broad range of Australian assets.
Australian Land (All Types) Any interest in Australian land: residential, commercial, agricultural, rural, triggers a registration obligation. This applies regardless of whether FIRB approval was required for the acquisition. A foreign person can acquire a property with FIRB approval, complete settlement, and still have a separate obligation to register the interest on the ATO's Register within 30 days.
Leases of Five Years or More A lease of Australian land for a term of five years or more (including options to renew that, if exercised, would take the total term to five years or beyond) is a registrable interest.
Mining and Exploration Leases Interests in mining leases of any term are registrable, reflecting the government's particular focus on foreign involvement in Australia's resources sector.
Interests in Corporations and Trusts Holding Australian Land. If you acquire a substantial interest in an Australian company or trust that holds Australian land, that acquisition may trigger registration obligations even though you haven't directly acquired land yourself. This catches common property investment structures, family trusts, unit trusts, private companies, where a foreign person acquires a significant shareholding or unit holding.
Australian Business Acquisitions. Acquisition of an interest in an Australian business or Australian entity may also require registration, depending on the nature and scale of the interest.
The 30-Day Reporting Deadline And What Happens If You Miss It
Registration must be completed within 30 days of the "registrable event day" which is typically the date of settlement for a property acquisition, or the date on which the relevant triggering event occurs for other asset types.
All notifications must be made through the ATO's online notification system. There is no paper-based lodgement option.
Missing the 30-day deadline can result in a financial penalty. The Act provides for infringement notices and civil penalties for failures to notify within the required timeframe. This is not a technicality that gets overlooked — the ATO has established the Register specifically to track foreign ownership, and non-compliance is taken seriously.
If you're purchasing property in Brisbane and settlement is approaching, the 30-day clock starts ticking from the day your name goes on the title. Having your conveyancer aware of this obligation and building it into the settlement process is the simplest way to ensure you don't miss the window.
Does This Apply Even If I Got FIRB Approval?
Yes and this is one of the most common misconceptions we encounter.
FIRB (Foreign Investment Review Board) approval and registration on the ATO's Register are two entirely separate obligations. Obtaining FIRB approval before purchasing a property does not satisfy your obligation to register the acquisition on the Register after settlement. They operate under different legislative frameworks and serve different purposes:
FIRB approval is a pre-acquisition requirement: it authorises a foreign person to proceed with the acquisition
The Register is a post-acquisition obligation: it records the fact that the acquisition has occurred
Both may apply to the same transaction. Completing only one does not discharge the other.
How Does This Affect Property Transactions in Queensland?
For most straightforward residential property purchases in Queensland, the practical impact for buyers is the addition of one compliance step after settlement: lodging the notification with the ATO within 30 days.
However, the implications are more significant for:
What Information Do You Need to Register?
When lodging a notification through the ATO's online system, you'll generally need to provide:
Your personal or entity details (name, date of birth or ACN/ABN, contact details)
Your foreign person status and residency details
Details of the interest acquired: property address, title reference, nature of the interest
The registrable event day (typically your settlement date)
Details of any FIRB approval obtained, if applicable
Your conveyancer can assist you in gathering the right information and ensuring your notification accurately reflects the transaction.
Our Approach: Making Compliance Simple for International Property Buyers
Foreign investment in Brisbane and Queensland property has always come with additional compliance layers: FIRB applications, foreign purchaser additional duty (FPAD) in Queensland, and now ATO Register obligations. For buyers navigating the Australian property market from overseas, or for Queensland residents who don't yet hold permanent residency, these layers can feel overwhelming.
Frequently Asked Questions
I'm on a skilled visa and live in Australia: do I need to register? It depends on your specific visa subclass and whether you "ordinarily reside" in Australia within the meaning of the legislation. Permanent residents who ordinarily reside in Australia are generally excluded from the definition of "foreign person." However, temporary visa holders, including many skilled and partner visas, may still be captured. We assess your status as part of our initial consultation.
What if I missed the 30-day deadline? Lodge your notification as soon as you become aware of the obligation. The ATO's online system is open for late notifications. While a penalty may technically apply, proactive and prompt compliance is always viewed more favourably than continued non-compliance. Speak with us and we can help you work through the process.
Does the Register apply to commercial property purchases? Yes. The Register applies to all Australian land, residential, commercial, industrial, agricultural, and rural. The specific FIRB thresholds and processes may differ for commercial acquisitions, but the ATO registration obligation applies equally.
I'm purchasing property with my Australian spouse. Do I still need to register? If you are a foreign person, your interest in the jointly acquired property is still a registrable interest, even if your co-owner is an Australian citizen. The 30-day notification obligation applies to your interest.
Is the Register the same as FIRB approval? No. They are completely separate. FIRB approval is obtained before settlement. ATO Register notification is required after settlement. Both may apply to the same transaction.
Need Help Navigating Foreign Investment Compliance in Queensland?
The rules around foreign ownership of Australian assets are detailed, layered, and evolving. Staying compliant requires working with a conveyancing team that understands not just the title transfer process, but the full regulatory picture surrounding foreign property acquisition.
Our Brisbane-based boutique conveyancing team takes the complexity out of the process and we do it with the kind of personal attention and clear communication that makes the whole experience feel manageable.