After being “asleep at the wheel” for years, the Foreign Investment Review Board (FIRB) is finally being required to get serious about foreign investment into Australia.
Changes that are likely to take place from 1 July 2015. They include:
- Increased penalties for non compliance.
- Increased review, audit and information gathering powers to police compliance.
- Lower approval threshold for acquisition of rural land.
- Changes to notification requirements.
- Increased fees for FIRB applications.
This new focus will change the regulatory and legal landscape for foreign investors and substantially more care will be necessary wherever foreign investment is involved in property purchases.
You can rely on our Property Law Team to assist you with your property needs.