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.
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