The change in law affects foreign buyers of residential property.
The fee will be based on the same amount as the FIRB application fee. For example, the fee for residential land where the price of the acquisition is between $2 million and less than $3 million ($2,000,000 – $2,999,999) is $22,300.
An annual report must be given to the ATO to say how long the property has been occupied as a residence during the year. Failure to provide the report will mean the fee is deemed to apply.
The change in law affects foreign buyers who submit an application or notice to the Foreign Investment Review Board after 9 May 2017 to buy a property (or purchased a pre-approved property under a New Dwelling Certificate).
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