Key recommendations:

The government undertake a review of the Foreign Acquisitions and Takeovers Act 1975 with the aim of developing proposed amendments that address contemporary issues of foreign investment, particularly in agriculture. The review should specifically consider: the definition of 'rural land' and 'urban land'; drawing a distinction between the treatment of rural land and agricultural business; and any limitations that the Foreign Acquisitions and Takeovers Act 1975 may place, either explicitly or implicitly, on the Foreign Investment Review Board's ability to effectively review the level and nature of foreign investment activities in Australia. 

The government undertake an extensive review of the tax arrangements applying to foreign investments and acquisitions in the agricultural sector. Specifically, the review should examine ways to prevent tax revenue leakage when foreign government entities undertake agricultural production in Australia for humanitarian purposes or for food security. It should also investigate ways of developing more rigorous tax liability arrangements for both government-owned and private foreign entities, particularly in relation to capital gains and passive income.