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Understanding the latest changes in Australia's Foreign Ownership Laws

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Your Investment Property | 14 Mar 2009, 12:00 AM Agree 0
The Australian Federal Government has made some drastic changes to the Foreign Ownership Laws in the hope that increased foreign investment will help support property prices
  • Stanley Park | 24 Mar 2014, 08:38 PM Agree 0
    I fall under the 'foreign purchaser' category. And am interested in acquiring a newly & to be completed apartment in Collingwood. Developer with whom I had been talking with assurred me that I would hv any difficulties buying their property. However, discussing this further with some domestic legal practitioners, I am getting confused. Questions I have are these :
    1. Can I sell this property in the open market after a fr years later?
    Are there any restrictions with selling it?
    2. Inheritance - if I elect to place this property in my will & estate to my only son (he's also a foreigner and non resident of Australia, are there any restrictions with him taking ownership of said property, and are there any estate duties liable to him?
    3. Conveyancing - is it compulsory to contract local Australian legal firms for this purpose? Or is it permissible to use a foreign law firm?
    4. Are rental incomes taxable for properties in Melbourne?
    Thanks for any tips or advise given
  • Clinton | 20 Jun 2014, 10:00 AM Agree 0
    "The existing requirement allows only 50% of new dwellings to be sold to foreign persons in an 'off-the-plan' situation. This was lifted provided developers market locally as well as overseas"

    This statement is ambiguous. Do you mean that the current 50% is higher than some previous level. Or do you mean that it was 50% and has been lifted to a higher level?
  • Nick Folkes. | 15 May 2015, 12:31 AM Agree 0
    Giving foreigners access to our residential property market has got to be one of the dumbest ideas ever. Labor and Liberal have created an unsustainable asset bubble that will burst. Bravo Canberra
  • George | 19 Sep 2015, 11:39 PM Agree 0
    And they guessed it would raise prices.. this is collusion by banks and government. The basic law of supply and demand that any high school economic student studies would give them a clue. Australian children have been sold down the river.
  • George | 19 Sep 2015, 11:40 PM Agree 0
    nd they guessed it would raise prices.. this is collusion by banks and government. The basic law of supply and demand that any high school economic student studies would give them a clue. Australian children have been sold down the river.
  • paul | 06 Jan 2016, 12:54 PM Agree 0
    Tottally agree nick pollies aremostly lawyers and make rules/laws that have so many loopholes like swiss cheese.
    Why cant people only buy a property if the deed number is in the back page of a passport and on the deed .thatway if someone dosnt come here it will show up ?
    Or some idea thats simple
  • paul | 06 Jan 2016, 01:17 PM Agree 0
    The yanksee river no doubt
  • Mick | 11 Aug 2016, 01:55 PM Agree 0
    Interesting timing for the changes (Dec 2008)... so was it all this foreign "investment" that shielded us from the GFC ?!
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