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The Australian Foreign Investment Approval Committee announced in May that it will severely crack down on foreigners’ illegal purchases of real estate in Australia and give a half-year grace period. “Volunteering” before November 5 this year can avoid criminal charges and heavy fines of up to 11 Australian dollars. Australia Jia interviewed the Australian Foreign Investment Approval Committee on related issues. This article teaches you how to judge whether you have bought a house in violation of the regulations, and if so, how to "surrender".

Fill in the form

At present, the official website of the Foreign Investment Review Board (FIRB) of Australia has posted an illegal house purchase declaration form in a prominent position http://compliance.firb.gov.au/personal-circumstances/. All foreign investors suspected of buying a house illegally can fill out this form to consciously declare, or ask an agent to declare on their behalf. Each form can declare a maximum of three properties. The content that needs to be filled in includes the name of the head of the household, address, contact information, passport information, the address of the purchased property, the type of house, ownership information, transaction contract and, if applicable, relevant company and trust fund information and many more. And attach relevant documents.

After "surrendering"

If you declare before November 2015, 11, you can avoid:

  • Being criminally prosecuted (on conviction, face 3 years imprisonment)
  • Fine of $135,000 (the fine announced in May was 5, which rose to 12.75 after the budget announcement)

To declare before November 11, you will be required to:

  • Dives the real estate within 12 months, which means you will be required to sell the illegally purchased real estate
  • After selling the property, you will be required to pay relevant taxes
  • From December 2015, 12, foreign investors who violate the regulations are not allowed to profit from the divestiture of real estate.

Australia Jia asked the Foreign Investment Approval Committee. If an international student studied in Australia 5 years ago and bought a second-hand house, he left Australia two years ago and did not sell the property but rent it out as required, but he sold it a few months ago After this house, does he still need to "surrender" in this situation?

The Foreign Investment Approval Committee stated that the student should consciously declare because he did not sell the property when he left Australia at the end of his studies, which constituted an illegal house purchase. If he did not consciously declare, he may face criminal charges. After the student declares, he will not be required to return all rental income, but will be required to pay corresponding taxes. It can be seen that the loss of "surrendering" during the grace period is not too serious. If caught after the grace period, they may face jail.

Don't take a chance

As of June 2015, 6, 9 foreign investors have voluntarily "surrendered" to the Australian Foreign Investment Approval Committee. The Australian Foreign Investment Approval Committee emphasized to Australia Jia that anyone suspected of illegally buying a house is best to “surrender” on their own initiative, because all Australian government departments have a complete data network. Don’t take a fluke and think that the amount involved is small and will not be investigated. To myself.

澳外国投资审批委员会特别指出,目前调查非法购房个案的权力交由澳大利亚税务局执行,税务局拥有大数据比对高级技术,联手澳大利亚移民与边境保护部、 澳大利亚交易报告分析中心(Australian Transaction Reports & Analysis Centre,AUSTRAC)以及各州和领地的土地所有权注册办公室(land title office),布下天罗地网。

What is buying a house illegally?

So how do you judge whether you have bought a house illegally? First of all, it is necessary to clarify what properties overseas people can buy in Australia. "Overseas persons" refer to non-local residents, or companies or trusts in which non-local residents hold major shares. For example, people who hold various types of temporary residence visas or student visas, and companies registered in Australia where foreigners hold major shares are all "overseas persons."

First of all, overseas people can only purchase Australian real estate projects approved by the Australian Foreign Investment Approval Committee. In other words, foreigners must obtain approval from the committee before buying a house. As long as it is a legal purchase, FIRB will generally approve it.

Secondly, the real estate purchased by overseas people must be new houses (including existing houses and off-plan houses), vacant land and second-hand houses to be rebuilt (must be developed within 2 years).

Thirdly, only those who have a permanent residence permit or temporary residence permit in Australia (including temporary visas with a valid residence period of more than 12 months and those who have submitted a permanent residence application and are still waiting for approval) can purchase second-hand houses on the market. International students can buy second-hand houses, but they can only use them to live in, and they must sell second-hand houses before leaving Australia.

Any violation of the above regulations is an illegal purchase. For further information, please refer to the Australian Foreign Investment Approval Committeehttp://www.firb.gov.au/content/default.asp.

Article reprinted fromAustralia Good

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