Sunday, October 12, 2014

Foreign Buyers of Residential Property

According to the Sydney Morning Herald, foreign buyers face tough new penalties for flouting property ownership rules, as well as capital gainst losses and cross-matching with immigration records, under likely recommendations by a parliamentary inquiry.
The inquiry is understood to recommend that penalties should be proportional to the value of the property purchased.  At present the largest penalty that can be imposed is just $85,000, seen by many as just part of the cost of doing business.

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