Purchasing property in Australia can be challenging for temporary residents due to the strict requirements and approval processes in place. What is a temporary resident? A temporary resident is defined as: A person with a visa period of less than 12 months is considered a foreign non-resident. Foreign Investment Approval Board (FIRB) A temporary resident must … Read more
The Foreign Investment Review Board (FIRB) is an Australian Government board that reviews applications made by foreign persons or entities interested in purchasing a property in Australia. There are different applications for foreign investment approval, depending on the type of property being purchased. In this article, we explore the compliance requirements surrounding residential land. Who … Read more
As part of the Albanese Labor Government delivering on its election commitment, the Australian Treasurer announced changes to the Foreign Investment Review Board (FIRB) application fee structure, which will double the fees payable for FIRB approvals. When are the fees doubling? The new fees will come into effect on 29 July 2022. This means … Read more
If you are a foreign resident, there are three key factors you will need to consider before purchasing a property in Australia: Are you a foreign resident? A foreign resident can include ‘a foreign natural person, a foreign corporation or a trustee of a foreign trust’. Additionally, any temporary resident is considered a foreign resident. The State … Read more
Are you an Australian resident selling a property? Will the sale price to be more than $750,000? If so, you will be need to provide a Foreign Resident Capital Gains Withholding Clearance Certificate (FRCGWCC, or ‘clearance certificate’) to purchasers prior to settlement. What is a clearance certificate? From 1 July 2017 onwards, legislation requires 12.5% … Read more
Foreign Investment Review Board (FIRB) approval is a permit issued by the Australian Tax Office (ATO) that allows foreigners to have property investments or buy a home in Australia. For the purpose of this article, we will be focusing on residential property investments. Am I Required to Apply for FIRB Approval? Before a contract is … Read more
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