Mobility & Employment Tax Advisory (META) news discusses the Federal government's decision to announce new ATO responsibility.
2015-05-12
In February 2015, the Federal government announced that the ATO would take responsibility for both approving foreign investment in residential real estate and maintaining a new register of foreign investment in agricultural land.
The ATO has announced that it will now commence compliance activities to ensure foreign investors who have invested in Australian residential property are meeting their obligations under the Foreign Acquisition and Takeover Act 1975 (FATA).
We can expect significantly increased compliance activity in this space into the future.
The data matching program will directly impact your employees who are temporary visa holders and have purchased property in Australia.
Summary
The ATO will immediately commence compliance activities to ensure foreign investors who have invested in Australian residential property are meeting their obligations under the Foreign Acquisition and Takeover Act 1975 (FATA) including:
not be referred to the Commonwealth Director of Public Prosecutions for criminal prosecution.
Questions
Please contact us if you have any questions or want to discuss how we can provide an efficient and cost effective solution to your business.
If you would like to discuss this further, please contact Sam Morris.