Changes to Australia’s foreign investment rules will begin next month with the Foreign Investment Review Board screening threshold reduced for agricultural land.

March 1st 2015 onward, foreign purchases of farm land worth $15 million and more will face the scrutiny of FIRB which is a drastic reduction from the current level of $252 million.

Prime Minister Mr Tony Abbot has also announced last week that the Australian Tax Office will start collecting information on all new foreign investment in agricultural land from July 1, regardless of value and a foreign ownership register of agricultural and is also in the works.

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