The Australian Real Estate Institute has recently published two fact sheets to help foreign owners and investors of Australian residential real estate, meet their foreign investment obligations in Australia.
The Vacancy fee return:
Fact sheet for foreign owners is available in English, Chinese traditional and Chinese simplified.
The fact sheets detail important steps foreign persons must take when they own, invest or are planning to invest in Australian residential real estate, including:
• getting Foreign Investment Review Board (FIRB) approval before investing
• recording property on the ATO Land and water register
• lodging an annual Vacancy fee return.
The Australian Government introduced the annual Vacancy fee in December 2017 as part of the comprehensive housing affordability plan.
It requires foreign owners of residential dwellings in Australia to lodge an annual Vacancy fee return if they
• made a foreign investment application for residential property after 7.30pm AEST on 9 May 2017, or
• purchased under a New Dwelling Exemption Certificate that a developer applied for after 7:30pm AEST on 9 May 2017
Vacancy fee returns must be lodged within 30 days of the end of each vacancy year.
The vacancy year is usually the 12 month period from the anniversary of the settlement date.
The vacancy year is unique to each dwelling held by a foreign owner.
Foreign owners must lodge a Vacancy fee return for each dwelling on their land.
For more information about the Vacancy fee, visit the ATO website at ato.gov.au/vacancyfee or watch the live webinar recording from September on atoTV.
You can also find more information about investing in Australian residential real estate in the Residential property investment: fact sheet for foreign owners.
The fact sheet is available in English, Chinese traditional and Chinese simplified.
Source; https://reia.asn.au/wp-content/uploads/2019/05/REIA_News_No88_May19_FINAL.pdf
Need a property loan?
Contact us @ propertyloans@realrenta.com and we will arrange for a lending specialist to contact you shortly!
Marlene Liontis
Tuesday, 11 June 2019
