ATO demands decades of property records in foreign buyer investigation

By |
In just over a week since foreign investors looking to buy Australian real estate became subject to stricter laws, one Federal government department has ramped up its efforts to weed out illegal owners.

The Australian Taxation Office (ATO), which was handed more powers to investigate foreign buyers under the Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015, is set to comb through decades worth of property records in an attempt to discover illegal purchases.

According to a report in Fairfax media outlets, the ATO has asked revenue and land title authorities from all states to provide them with information for the 32-year period from 1985 – 2017.

The ATO has asked those authorities for all the information they have relating to property sales, sub-divisions, land transfers and valuation details from that period.

Rental bond authorities will also be required to hand over information pertaining to leased properties including  rental payments, length of lease, bond amount and landlord details.

The ATO’s request estimates that it will receive 30 million records for each year from revenue and land title authorities and another one million records for each year from rental bond authorities.

In total the ATO estimates it will comb through records belonging to around 11.3 million individuals.

“The property data will be used to assist in the screening of foreign resident real estate applications and compliance activity to ensure foreign residents are complying with relevant laws,” an ATO spokesperson told Fairfax.

According to the ATO, the investigation will help it identify any trends of non-compliance and help it strengthen community confidence in Australia’s foreign investment laws.
 

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : woolloongabba , emerald , east victoria park , menai , tuart hill

go back

Get help financing your investment



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here