Fees for foreign acquisitions of Australian commercial property set to be introduced

Fees for foreign acquisitions of Australian commercial property set to be introduced
Fees for foreign acquisitions of Australian commercial property set to be introduced

Currently no fees apply to foreign investment applications in Australia.

But there will be soon following the House of Representatives Economics Committee report recommending the government apply a modest administrative fee to the current screening for all foreign purchases of residential real estate, including purchases by temporary residents, to fund compliance and enforcement activities.

It will apply to residential, commercial, developer, business and rural applications.

Business, commercial real estate and agribusiness investments would be subject to application fees between $10,000 up to $100,000 depending on the size and sector.

Fees for foreign acquisitions of Australian commercial property set to be introduced

Source: Treasury department

The government is seeking reaction to the proposals and will make a final decision after 20 March.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Foreign Buyers Commercial

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