Exposure draft legislation regarding the proposed register of foreign ownership has been released. CA ANZ supports the policy objective of this proposed legislation.
Much of the detail of the draft legislation is not readily understandable and the draft explanatory memorandum is short on detail. CA ANZ calls for greater explanation of a number of legislative concepts in the explanatory memorandum and emphasises the need for plain English explanations.
Many of CA ANZ’s member have an important role to play in the implementation of this draft legislation. CA ANZ offers to assist in the development of guidance material and the communication of these new rules.
CA ANZ also calls for the foreign register to be developed in a way that streamlines compliance burdens by integrating existing and future registration processes (such as the modernisation of business registers) into its registration processes. This could be achieved through data sharing between Federal government departments and, with some negotiations, between Federal and State government departments.