The ATO has advised that foreign investors and their representatives will soon use a new online service to manage a range of registration obligations and other transactions relating to Australian investments. On 26 June, the ATO will launch Online services for foreign investors. This new service will support the Register of Foreign Ownership of Australian Assets (the Register), expected to start on 1 July.
The changes are: Online services for foreign investors requires both investors, and representatives who act on their behalf, to log in with myGovID as their Digital Identity. In most cases only a Basic identity strength will be required. This means foreign investors simply need to state their name, date of birth and email address to set up their myGovID. From 26 June, most of the current ATO forms relating to foreign investment in Australia will move into this new, secure system. With the introduction of the Register, foreign investors will need to register their Australian assets through Online services for foreign investors.