Australian Financial Review on 13th September reported that the government could require real estate agents to report suspicious real estate purchases by foreign buyers as part of efforts to strengthen AML protection. Parliament’s joint public accounts and audit committee is considering deficiencies in data on the federal government’s crackdown on foreign property buyers. Currently, foreign investors are required to gain approval before buying real estate in Australia, with residential rules banning the purchase of existing properties but not new builds. The article provides a summary of a recent crackdown by the Australian Tax Office involving formal disposal orders had been issued for 75 properties since 2015, worth a combined $135 million, and 156 properties around Australia being sold in voluntary disposals by foreign investors, worth a combined $150 million.
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