Newsletter
October 2015 Newsletter
Foreign property investors, reduced penalty period is ending
The ATO has reminded foreign investors that the reduced penalty period for possible breaches of Australia’s foreign investment rules for purchases of Australian real estate will close soon. The reduced penalty period is only available until 30 November 2015. From 1 December 2015, new criminal and civil penalties will apply. The ATO said if foreign investors disclose a breach of the rules for residential real estate purchases during the reduced penalty period, depending upon their circumstances, they may:
- be given a concessional period of 12 months to divest themselves of the property, rather than a shorter period;
- not be referred for criminal prosecution.