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Client Alert First fine dealt for unauthorised foreign investor property purchases

A foreign real estate buyer has been penalised $250,000 by the ATO after purchasing Australian residential properties without being authorised by the Foreign Investment Review Board (FIRB). It was found that in addition to owning two established properties that were also in breach, the investor had purchased a further four unauthorised properties.

Sian Sinclair
| 2 min read | 19 Apr 2022
Client Alert Financial supply providers and their associates must review their entitlements under Division 72

In Grant Thornton’s (and the Australian Taxation Office’s) experience, financial supply providers and their associates are generally unaware of the GST implications of supplies and acquisitions between related parties.

3 min read | 17 Feb 2021