Genia, 24, committed his future to the Queensland Reds in April but struggled to agree to terms with the ARU.
The deal has now been completed meaning Genia - who had reportedly been courted by a big-money move to Japan - will remain a Wallaby until at least the 2015 World Cup.
"I'm certainly happy that everything is now locked away and I very happy with where it has all landed," said Genia.
"This is definitely where I want to be, playing for Queensland and Australia.
"My focus now is on getting the knee right, getting fit and getting back out on the field for the Reds and the Qantas Wallabies.
"Next year is a big year, there are big things happening in Queensland and of course it will be a huge year for the Wallabies.
"The Lions Tour is a once in a career opportunity and it is certainly one of the reasons behind wanting to stay in Australia."
Genia's commitment is a huge boost to the Wallabies, who appear likely to lose Quade Cooper with the playmaker expected to quit rugby on Monday when a press conference has been called.
Since his debut, Genia, who is sidelined with a ruptured anterior cruciate ligament, has earned 41 Test caps.
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
The Barbarians are one of the top invitational rugby sides with a long history and classic rugby jersey.
The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
The Lions get ready for their matches with this green training jersey. It's what the players wear. Get in the Gear!
A cool looking all black rugby cleat with the high performance adidas is known for. Get in the Gear!
Wear the crest of the British and Irish Lions on your t-shirt. A great look for the summer.
$29.99
The Lions are ready to get their Australia tour underway. They arrive in Perth on Monday.
The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
The USA Rugby Pro Alternate rugby jersey is perfect for any fan of the Eagles. Get yours to wear during the summer Test matches.
The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.
