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The 2014 Federal Parliamentary Inquiry has sparked a lot of debate on foreign investment in real estate.
REIA has been a strong advocate of maintaining foreign investment in residential real estate but at the same time seeking to strengthen compliance and enforcement of the rules.
The Government Discussion Paper reflects REIA’s influence with the broad recommendations of REIA featuring in the Paper. REIA has met with the Federal Treasury to discuss the proposals contained in the consultation paper.
View REIA's submission on foreign investment
Changes were made to Australia's Foreign Investment Policy on 1 December 2015.
These changes included:
The Australian Taxation Office (ATO) has been given the responsibility to regulate foreign investment in residential real estate.
Stricter penalties make it easier to pursue foreign investors that breach the rules.
Application fees have been introduced to ensure that Australian taxpayers no longer have to fund the cost of administering the system.
Increasing scrutiny around foreign investment in agriculture.
Increased transparency on the levels of foreign ownership in Australia through a comprehensive land register.
A comprehensive modernisation of the foreign investment legislation which reduces system complexity and compliance costs for investors.
View the Foreign Investment Review Board's official fact sheets on the foreign investment reforms
For more information, view the ATO's guide to
changes to foreign investment