Foreign investors require the Foreign Investment Review Board (‘FIRB’) approval to buy property in Australia. The approval can be obtained by submitting a form to the Australian Tax Office (‘ATO’), either by the investor directly or a solicitor they have appointed.
From 17 June 2023, these forms will no longer be accepted, as the ATO will be introducing a new application procedure.
New online services
From 26 June 2023, foreign investors will need to use the new ATO Online Service for various tasks, including:
- Applying for FIRB approval
- Registering assets
- Updating details
- Lodging Vacancy Fee returns
To use the new ATO Online Service, foreign investors (and their legal representatives) will need to set up access to the myID app. This is the Australian Government’s Digital Identity app, and the myID is unique to each individual and cannot be shared.
How to set up
A myID is set up using a personal email address for foreign investors and their legal representatives/solicitors.
Foreign investors must first set up their accounts and cannot have their solicitor set up access on their behalf. Once set up, foreign investors can then authorise access for their solicitor/s. To authorise access, they will need the solicitor to provide:
- Full name used to set up their myID; and
- An email address that can only be accessed by them (ie. a personal email address).
If you are a foreign investor with an ABN, you may also need to set up a Relationship Authorisation Manager (‘RAM’). RAM is an authorisation service that allows solicitors to act on behalf of a business online when linked with myID. The myID is required to log in to RAM.
Buying property
If you are a foreign investor looking to buy property in Australia and want to understand your obligations, contact us today at hello@wlegalgroup.com.au. Our team of lawyers can help you manage your obligations in relation to your Australian investments.
