13 Apr Foreign Ownership (Part 2)
If you are a “foreign person” under the provisions of the Foreign Acquisition and Takeovers Act 1975 (Cth) and you have been granted FIRB approval to purchase a property in Australia you need to ensure that the property is occupied or genuinely available for rent for at least half the year. Failure to do so may result in the Australian Taxation Office charging you an annual fee equivalent to the relevant foreign investment application fee imposed on the property.
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