Government cracks down on foreign real estate owners
Fifteen properties across Victoria and Queensland with a combined purchase of over $14 million are being sold as part of a government crackdown on foreign real estate owners from countries including China, Iran, and Germany.
Foreign nationals who illegally held Australian property would be identified and their illegal holdings relinquished as part of the forced sale of around $100 million worth of property. Foreign investors from Germany, the United Kingdom, and Asia made up the owners of the 15 latest properties resettled, as well as the 36 recent sales over the course of the Australian Taxation Office's (ATO's) investigations.
Those who had purchased property in Australia without Foreign Investment Review Board (FIRB) approval had been identified through data matching programs and public assistance. This would see even approved property holders subject to new FIRB conditions, which would result in prosecution if broken.
Close to 600 foreign nationals were found to have breached rules, which had resulted in self-disposals and forced sales.
The government would move forward with the continuation of its policy to channel foreign investment into new occupancies to secure additional jobs for Australians in the construction industry, and bolster economic growth.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
