Foreign land limits start in March
FOREIGN ownership of agricultural land will be more closely scrutinised from next month.
From March, the screening threshold for foreign investment in agricultural land in Australia will be reduced to $15 million total.
This means that foreign investors will have to seek approval for any purchase of agricultural land that would result in their total holdings of commercial land exceeding $15 million.
Federal member for Page Kevin Hogan welcomed the plan.
"I would like to see Australian farmers owning Australian farms," Mr Hogan said.
From July, the Australian Tax Office will start collecting information on all new foreign investment of agricultural land, regardless of value.
The ATO will also commence a stocktake of existing agricultural land owner- ship by foreign investors to establish a complete agricultural land register.