ATO to unleash "massive taskforce" on unlawful foreign buyers

Nice bonus for the state govt if there's a forced sale: two lots of stamp duty in quick succession.

 

The Mt Waverley property was sold by Jellis Craig - who are notorious for ignoring the origin of a buyer and the FIRB declaration. Have they received a penalty and will they be forced to payback their massive commission on the $6m sale?

There are soooooo many more.

Who is going to buy the property? the only people who can afford it are illegal buyers from outside Australia.

Don't get me wrong I own property in Mt and Glen Waverley, however if the laws were enforced, more than half of the sales for the last 24 months will be found that there was no FIRB approval....leading the a heap of propertis on the market and a huge impact on price....i.e influx of supply with no buyers.

It has to balance out, screw the agents they are as bad as the buyers

Cheers Ivan

 

Not only stamp duty, state govt can also take the capital gains.

 

14 years would be evasion and amended without time limits and max penalties. They would lose every asset. But wont pose a concern in gaol.

What makes you think ATO hasnt sent a s264 notice to a bank to obtain REA trust account details ? Or to a sample of REAs asking for name/s of each client and their prop address. They test the sample for omission. Simple to match. The ATO share Australian largest supercomputer with defence. It has to be paid for. Based on test sample they then scale it up.