Government to toughen foreign investment laws
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Government to toughen foreign investment laws
Posted on Wednesday, February 25 2015 at 12:09 PM
The Federal Government is looking to implement fees and beef up controls around foreign investment in property.
The
Prime Minister’s office has released details designed to put property purchased
by foreign investors under the microscope.
“Australia’s foreign investment policy for
residential real estate is designed to increase Australia’s housing stock.
“This policy remains
appropriate, but a lack of compliance and enforcement of the rules over recent
years is threatening the integrity of the framework,” the release says.
The
government is concerned some foreign investors are breaking existing rules, and
they’re looking to a specialist unit to deal with the issue.
“The government intends to establish a
small, specialised compliance and enforcement area within the Australian
Taxation Office to identify and investigate breaches.”
New
penalties have been introduced for breaches of the legislation.
The
plan includes introducing an application fee attached to each investment
proposals
“The application fees will fund increased
enforcement activity and ensure that the cost of administering the foreign
investment framework is not borne by the Australian taxpayer.”
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