9th June 2015
Any foreign investors who think they may have breached the rules should come forward says the Federal Government.
From 1st December 2015 tougher penalties will apply to foreign investors who breach the Government’s investment rules. There will be criminal sanctions and fines up to $127,500 or three years imprisonment for individual investors and up to $637,500 for companies.
The Federal Government issued the following statement:
“Foreign investors who think they may have broken the rules should come to us before we come to them. They will still be forced to sell the properties, but will not be referred for criminal prosecution if they voluntarily come forward before 30th November.”