The Foreign Investment Review Board (FIRB) has updated Guidance Note 47: Tax Guidance to provide more information on the possible ‘additional’ tax conditions that may be imposed on an investment, and to provide greater clarity on the process for when an investor seeks to discuss their conditions with the Treasury and/or ATO. The updated Guidance Note 47 also revises the timeframe for investors to notify the FIRB of certain actions to 30 days. A number of other Residential Real Estate Guidance Notes (Guidance Notes 2, 3, 9 and 49) have also been updated to remove a potential source of uncertainty regarding conditional agreements that are entered into prior to an exemption certificate being given.
The Treasurer has announced changes to Australia’s foreign investment review framework, effective from 10.30pm AEDT on Sunday 29 March 2020, relating to monetary thresholds and timeframes for reviewing applications. Details are available in our Guidance Note number 53, which addresses the effects of the changes. All material on this website should be read in light of the Treasurer’s announcement.