FIRB violators will be properly punished (possible jail time)

[Mr Hockey said since issuing a "divestment order" on a Sydney property that had been illegally purchased, a number of other buyers had come forward.

"We are investigating a further 100 cases at the moment. For example, one case in WA involving a property of around $800,000, the foreign investor has come forward, self-identified," he said.

The Treasurer said the foreign investment rules would now be enforced by the Australian Tax Office rather than the Foreign Investment Review Board because the ATO had access to state and federal data, including immigration records.]

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About time, FIRB was not much use, not enough manpower with such a small team.

Looks like a lot of "stock" is gonna come on the auction market pretty soon as illegals rush to divest. There is no escaping the "taxman" now that ATO is involved. Not a bad move, pretty sure the stamp duty from the original sale won't be refunded to the illegal buyer :D

Would think that no parent would want their kids on temp student visas to be put in jail because of an illegal property purchase.

Apparently $39 million illegally bought point piper has just been resold. (about $2.67million stamp duty for the commonwealth thank you!)
http://news.domain.com.au/domain/re...are-sold-now-hockey-says-20150501-1mxt01.html
 
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