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 new apartments limited to 50%
Developers selling under a New Dwelling Exemption Certificate issued by FIRB will now
only be able to obtain exemption to sell up to 50% of a new development to foreign purchasers. The cap will be imposed on all New Dwelling Exemption Certificates which are applied for on and from 9 May 2017. Details of the change can be viewed HERE
Source: AICWA Budget Update
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