Foreign investment in residential real estate – reduced penalty period
You only have until 30 November 2015 to voluntarily disclose before new penalties apply.
The Australian Government welcomes foreign investment. It has helped build Australia’s economy and will continue to enhance the wellbeing of Australians by supporting economic growth and prosperity.
Companies operating in Australia and Australian companies operating overseas are expected to act in accordance with the principles set out in the OECD Guidelines.
The Foreign Investment Review Board (the FIRB) examines proposals by foreign persons to invest in Australia and makes recommendations to the Treasurer on those subject to the Foreign Acquisitions and Takeovers Act 1975 and Australia's foreign investment policy.
Applications for Foreign Investment Approval
Real Estate Investment
- The Government has agreed on a modernisation package and is currently consulting on exposure draft legislation. Submissions are due by Friday, 17 July 2015.
- From 1 July 2015, foreign persons and foreign government investors holding interests in agricultural land must register those interests with the Australian Taxation Office (regardless of value of that land).
- On 2 May 2015, the Government announced reforms to Strengthen Australia’s Foreign Investment Framework. For further details, please see Reforms to Strengthen Australia’s Foreign Investment Framework.
- The Korea-Australia Free Trade Agreement and the Japan-Australia Economic Partnership Agreement entered into force on 12 December 2014 and 15 January 2015 respectively. As a result, Chilean, Japanese and Korean non-government investors now receive the higher monetary thresholds.
- Cash Bidding Acreage Release Program: Foreign government investors intending to participate in the Program must receive foreign investment approval prior to acquiring an interest in an exploration permit issued under the Program. Contact us for further information.
- Announcement on the treatment of foreign passive investments in public (real estate) unit trusts.