Categories for FIRB

Foreign Investment change

9/6/2017
Written by

New Charge for Foreign Owners for Empty Properties Foreign persons who apply for approval to purchase residential property after 9 May 2017 will face a new annual vacancy charge to be imposed if the property is not occupied for at least six months per year.The charge will be levied annually and will be equivalent to the purchase application fee imposed at the time the property was acquired by the foreign investor.Details of the new charge can be viewed HERE FIRB approval for sale of...

ATO property reporting to be introduced in 2017

1/1/2017
Written by

From July 1 2017, new Commonwealth Government reporting requirements will be introduced that will affect all real estate property transfers in Western Australia.The reporting requirements are being introduced following agreement by Commonwealth, State and Territory Treasurers to establish a National Register of Foreign Ownership of Land Titles. This Register will be administered nationally by the ATO. In WA, Landgate will collect and report the required information to the ATO.For each transaction of freehold (and some leasehold interests) In real property...

Foreign resident capital gains withholding payments

29/2/2016
Written by

Background: The former government announced on 14 May 2013 that it would introduce a 10% non-final withholding tax on payments made to foreign residents that dispose of certain taxable Australian property. The Bill for this measure, introduced by the current Government has been passed and received Royal Assent on 25 February 2016. The new withholding regime will apply to contracts entered into on or after 1 July 2016. Broadly, where a foreign resident disposes of certain taxable Australian property, the purchaser will...

Stonger Foreign Investment Regime comes into force

16/1/2016
Written by

In case you missed it in all the pre Christmas activities, there is now much more stringent F.I.R.B. (Foreign Investment Review Board) compliance in place. Complete with application costs and severe penalties for breaches. It affects Investors, Agents and Developers, please subscribe to my blog to ensure that you are kept informed. 1 December 2015    Media Release The Turnbull Government’s robust new foreign investment regime comes into force today, providing stronger enforcement and a better resourced system with clearer rules for foreign...

IMPLEMENTING FOREIGN INVESTMENT REFORMS

14/7/2014
Written by

In an Treasury Exposure Draft changes to FIRB were outlined on 6 July 2015 | Exposure Draft On 2 May 2015, the Government announced a package of reforms to strengthen the foreign investment framework, including: *stronger enforcement of the foreign investment rules by transferring all of the residential real estate functions to the Australian Taxation Office; *stricter penalties that will make it easier to pursue court action and ensure that foreign investors are not able to profit from breaking the rules; *application...