The Foreign Investment Review Board (FIRB) had already been actively considering the impact of any foreign investment proposals on tax revenues, however during the ATOâs first month of engagement, 195 suspected breaches were identified, against 24 individuals. This was then followed up in August, with the former Treasurer ordering 6 residential properties unlawfully held by foreign nationals, to be sold. âThe ATOâs data matching program is already getting results. For example, they have identified one foreign investor who appears to be linked to over 10 properties ranging from a $300,000 unit to a house worth $1.4 millionâ Joe Hockey said.
But the news getâs better, this week, data shows another 125 foreign investors have voluntarily taken advantage of the amnesty period offered by the Australian government for either intentional or accidental braches of the law. The deadline for the amnesty period is 30 November 2015, with any subsequent breaches found, will find the investor having to sell the property/properties. From 1 December 2015, foreign residents who unlawfully purchase established residential property will face increased criminal penalties up to $127,500 or three years imprisonment for individuals and up to $637,500 for companies. The 125 volunteers were foreign nationals from Singapore, Indonesia, the UK and China.