ANNUAL CHARGE ON FOREIGN OWNERS OF UNDERUTILISED RESIDENTIAL PROPERTY
The Government will introduce a charge on foreign owners of residential property where the property is not occupied or genuinely available on the rental market for at least 6 months per year. The charge will be levied annually and will be equivalent to the relevant foreign investment application fee imposed on the property at the time it was acquired by the foreign investor) .
WHAT THIS MEANS FOR YOU ?
The Government said that this measure is intended to encourage foreign owners of residential property to make their properties available for rent where they are not used as a residence and so increase the number of dwellings available for Australians to live in.
This measure will apply to foreign persons who make a foreign investment application for residential property from 7:30 pm (AEST) on 9 May 2017