Reduced penalty period now open for foreign investors
The ATO are offering reduced penalties for foreign investors who disclose possible breaches of Australia’s foreign investment rules for purchases of Australian real estate.
The reduced penalty period (RPP) is only available until 30 November 2015. From 1 December 2015 new criminal and civil penalties will apply.
If you disclose a breach of the rules for residential real estate purchases during the RPP, depending upon your circumstances, you may:
– be given a concessional period of 12 months to divest yourself of the property, rather than a shorter period
– not be referred for criminal prosecution.
To take advantage of the RPP, you (or your representative) must complete the reduced penalty disclosure form – residential real estateExternal Link.
If you have information about a possible breach of Australia’s foreign investment rules, you can report it anonymously. See How to report a breach.
We use data-matching systems to detect breaches of Australia’s foreign investment rules. We have started compliance activities on possible breaches and will pursue and penalise those found to have illegal investments.
There is nowhere to hide – declare your possible breaches today to avoid criminal and civil penalties.
source:-www.ato.gov.au
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