23 Nov 2015
New Australian Foreign Investment Rules on the way?
Are you a foreign investor in Australia?
Below is a summary of new rules which may soon apply effective 1 December 2015
|What’s New?||Exemptions and Concessions|
|Residential Land||The ATO may soon have powers to police and monitor residential land dealings (past, present and future).||Concessions are being made by the ATO for contraventions which are voluntarily disclosed on or before 30 November 2015.|
|Agricultural Investment||Land in excess of a certain value will require special approval (and will include values of land already owned by the investor)||Investors who are subject to free trade agreements with Australia may be exempt.|
|Fees||All applications will now be subject to processing fees||Fees will vary depending on investment type and values|
|Civil Penalties||Now being introduced to supplement existing criminal penalties and divestment orders|
If you are considering investment within Australia, or have already acquired land in Australia without Foreign Investor Board Approval, you should obtain independent legal advice.
HKT Legal is able to assist and give advice in relation to foreign investment in Australia, whether that be investment in residential real estate, agriculture or business. If you need assistance or if you are concerned about your foreign investment please contact firstname.lastname@example.org