If you are a foreign investor who has bought Australian Property, please note that in December last year, changes were made to Australia’s foreign investment framework. These changes include:
- Fees now apply to all applications to purchase residential real estate made by foreign investors
- Penalties apply to breaches of Australia’s foreign investment and real estate rules.
- Third parties such as lawyers, conveyancers and real estate agents who knowingly assist foreign investors to break the rules can also be penalised.
- New holdings or changes to holdings of agricultural land now need to be reported within 30 days. Note: if you held an interest in agricultural land on or after 1 July 2015 and before 1 February 2016, you must register with the ATO by 29 February 2016.
If you need help understanding your legal obligations as a foreign investor, please contact our office directly on 02 9299 7044.