And here’s what they are chasing……. Not just Foreign buyers !!!!
That link goes to a link concerning data matching. I don’t think that is the ‘why’ but it is a tool.
I think the reason why they are chasing is because of tax fraud. many people have pretented to be living in a property when they were not, or vice verson pretending it was rented out while living in it. Also there are more than a few foreign owners who sold a property and simply went offshore with their money without paying CGT – and there are new withholding taxes to prevent this happening too.
Its a good thing!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry the second link is what the ATO is chasing from various government bodies to identify not only illegal Foreign buyers, but also cgt tax cheats, rental income tax cheats, and other associated fraud relating to property both here and overseas.
The information will also be used to enforce the December 1st deadline for illegal foreign purchases and the money trails to those purchases, for example people purchasing property illegally under a proxy resident here in Australia. The ATO has employed additional resources to begin enforcement ! and yes it is a good thing, because it protects our property market and banking sectors.
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