BUDGET UPDATE - Foreign Investment in Australia
As part of the Federal Budget, the Government has announced it will:
- strengthen the foreign investment framework to ensure investors play by the rules and that foreign investment is always in the national interest by introducing a robust regulatory framework reflecting changing demands which is essential to maintaining community support and a welcoming investment environment.
- the Australia Taxation Office (ATO) will be given responsibility for regulating foreign investment in residential real estate, including stronger enforcement of the rules supported by enhanced data matching systems.
- Iitroduce additional and stricter penalties to ensure foreign investors and intermediaries do not profit from breaking the rules.
- introduce application fees on all foreign investment applications will improve service delivery and ensure Australian taxpayers are no longer funding the administration of the system.
- increase scrutiny and transparency around foreign investment in agriculture, lowering screening thresholds for agricultural land and agribusiness and implementing a comprehensive register of foreign ownership in land.
- consult on options to ensure Australia has a modern, streamlined foreign investment system.
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