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.
Sourced from: https://www.ato.gov.au/Newsroom/smallbusiness/General/Helping-a-foreign-investor-with-real-estate-/?sbnews20160217