OBS_VALUE: Foreign persons must get approval for a proposed acquisition of an interest in agricultural land where the cumulative value owned by the foreign person (and any associates), including the proposed purchase, exceeds $15 million, unless higher thresholds apply pursuant to FTA commitments. All foreign persons must get approval for a proposed acquisition of vacant commercial land, regardless of the value of the land. Such acquisitions are normally approved subject to development conditions. For developed commercial land, most agreement country investors only need to apply where the value of the interest exceeds $1,192 million. Other foreign persons must get approval, if the value of the interest is likely to exceed $275 million, unless the land meets the conditions for the lower threshold of $60 million.In June 2016, New South Wales introduced a 4% surcharge purchaser duty on the purchase of residential real estate by foreign persons (including foreign corporations). The surcharge adds to the duty payable on the purchase of residential property. Additionally, foreigners are also subject to a land tax surcharge of 0.75% (in 2017) for residential property. The Register of Foreign Ownership of Australian Assets is kept under Part 7A. This register records certain actions relating to interests in land, water, entities, businesses and other assets in Australia acquired, held or disposed of by foreign persons. A foreign person who takes such an action (which may or may not be a significant action or a notifiable action, or otherwise covered by FATA must give a register notice to the Registrar. A civil penalty applies to a failure to give a notice under Part 7A of FATA.See additionally: Australia Foreign Investment Policy (April 2020): https://firb.gov.au/sites/firb.gov.au/files/inline-files/2020-FIP-cv.pdf AND https://treasury.gov.au/sites/default/files/2020-06/p2020-87595_0.pdf