Foreign investors should voluntarily disclose possible breaches of foreign investment rules relating to residential real estate by 30 November 2015. Clients who have concerns should speak to us now.
The Treasurer may grant foreign investors who voluntarily disclose breaches before 30 November 2015 a longer compulsory divestment period and may not refer contraventions to the Commonwealth Director of Public Prosecutions.
- A breach may include:
- Acquisition of an established dwelling
- Acquisition of new property without prior approval
- Temporary resident acquiring more than one established property
- Temporary resident renting out an established property
- Foreign person fails to begin construction on vacant land within 24 months without seeking extension
- Foreign person fails to comply with reporting conditions.
The Australian Taxation Office is overseeing this amnesty and ensuring compliance through its data matching systems. A new criminal and civil penalties regime commences on 1 December 2015.