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Hundreds of foreign nationals have been found to be in breach of property ownership rules and have been forced to sell millions of dollars’ worth of assets, in a high-profile and ongoing crackdown by the tax office.
ATO property swoop bears fruit
07 February 2017
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4 minute read
The ATO in recent months detected approximately 570 foreign nationals who have breached Australian property ownership rules, resulting in forced sales, self-disposals, variations to previously approved Foreign Investment Review Board (FIRB) approval applications and retrospective approvals with strict conditions.
The tax office identified breaches through both data-matching programs and information volunteered by the public, according to the office of federal Treasurer Scott Morrison.
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The latest crackdown has seen the government order 15 Australian residential properties held by foreign nationals to be sold, taking the total number of forced sales to 61, with a combined value of $107 million.
These latest properties are located in Victoria and Queensland, with a combined purchase price of more than $14 million.
Overall, the ATO issued 388 penalty notices to foreign nationals in breach of the rules, attracting penalties in excess of $2 million.
Penalty notices were issued to people who failed to obtain FIRB approval before buying property and for breaching a condition of previously approved applications.
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