Federal government forces sale of properties in crackdown on foreign home ownership
THE Federal Government has forced the sale of property worth more than $100 million which was acquired illegally by foreigners.
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THE Federal Government has forced the sale of more than $100 million in property acquired illegally by foreigners, with two Queensland homes in the latest round of compulsory divestments.
It is part of an ongoing, hardline stance by the Government, which has seen the Australian Taxation Office catch 570 foreign nationals breaching foreign-ownership laws.
Nationally, there have been 61 properties with a combined value of $107 million, including 11 Queensland homes worth $7.2 million, forced on to the market since the crackdown began in 2015.
Citizens of the US, China, Singapore and Malaysia were among those forced to sell.
Federal Treasurer Scott Morrison will announce today that two more Queensland properties are among 15 that will go to forced sales in the latest round of divestments, with the other 13 in Victoria.
One home was bought by a Malaysian national for $425,000 in 2013 and the other by an Indonesian national for $270,000 in 2012.
“The Turnbull Government is committed to enforcing our rules so that foreign nationals illegally holding Australian property are identified and their illegal holdings relinquished,” Mr Morrison said.
“The foreign nationals in the latest group of forced disposals purchased their properties without Foreign Investment Review Board approval and in some cases held multiple established properties in breach of the rules.”
The most expensive home in Queensland sold under the scheme was a $2.5 million Helensvale property bought by a Chinese national, which had been disclosed previously in an early round of sales.
Overseas investors can buy new properties but not established homes under the rules designed to encourage investment in new rental properties, while not forcing domestic buyers out of the market.
A temporary resident can purchase an established property to live in, but must sell when they leave the country or cease being a permanent resident.
An earlier amnesty ended on December 1, 2015 and foreign owners who bought properties illegally after that face fines of up to $2 million.
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