The 42 Australian properties ordered to be sold for FIRB breaches
The Federal Government has issued a list of the properties where they have forced foreign nationals to divest a total of 42 properties.
Treasurer Scott Morrison has ordered the divestment of a further 16 Australian residential properties this week.
He said under the previous Labor government, no foreign nationals were forced to divest illegally held Australian property.
“Since the Government's transfer of responsibility to the ATO for compliance in May 2015, over 2,200 matters have been referred for investigation.
"Through information provided by the public, together with the ATO's own enquiries, approximately 400 cases remain under active investigation.
“Since a new penalty regime was introduced from 1 December last year, 179 penalty notices have been issued, totaling over $900,000.
“Illegal real estate purchases by foreign citizens attract criminal penalties of up to $135,000 or three years' imprisonment, or both for individuals; and up to $675,000 for companies.
"The new rules also allow capital gains made on illegal investments to be forfeited.
“In addition to divestments, a number of people came forward during the reduced penalty period who were not in breach and some who voluntarily sold their properties while the ATO was examining their case.
"There are at least 25 examples of foreign investors self-divesting in this way showing a change in behaviour towards more compliance with the rules and a strengthening of the program overall."
“While Australia welcomes foreign investment, foreign investors must comply with our laws,” Mr Morrison said.
