The Government is ensuring that Australian homes are available for Australians.
The Government will place a limit on foreign ownership in new developments;
introduce an annual charge on foreign owners who buy residential property and
leave it vacant; and tighten the foreign investor tax integrity rules to reduce
avoidance of capital gains tax on Australian property.
In November, federal Parliament passed legislation giving the Australian Taxation Office power to fine foreign investors up to $5500 a year if they leave their properties empty, plus up to $52,500 for failing to lodge their forms.