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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Hundreds of properties forced onto the market in ATO push

By Stephanie Aikins

December 10 2018
Share

Invest

Hundreds of properties forced onto the market in ATO push

By Stephanie Aikins
December 10 2018

The federal government has sold over 300 Australian properties, valued in excess of $380 million, that were illegally owned by foreign nationals.

Hundreds of properties forced onto the market in ATO push

By Stephanie Aikins

December 10 2018
Share

The federal government has sold over 300 Australian properties, valued in excess of $380 million, that were illegally owned by foreign nationals.

The 316 properties were sold between 2015 and October 31 of this year, with the majority held in Victoria, NSW and Queensland.

In that time, the Coalition government forced 144 properties to be sold in Victoria, valued at more than $162 million; 73 in NSW and 64 in Queensland.

The owners of the properties came from a number of countries, including China, the United Kingdom, Malaysia, Singapore, Indonesia, India, the United States, Hong Kong, Italy and Germany, and all were found to be in breach of the rules regarding foreign ownership.

Of these properties, the highest number purchased and value of divestments in a single year was recorded in 2017–2018. Over the year, 131 properties worth $133.90 million were sold by foreign nationals who had breached regulation.

Between 2016–2017, 96 properties valued at $96.8 million were sold, while in 2015–2016, 54 properties valued at $61.5 million were sold.

Under the federal government’s appointment, the Australian Taxation Office (ATO) has been responsible for ensuring real estate compliance by foreign nationals since 2015.

As a result of the government’s stronger penalty regime, the ATO has issued more than 1,500 penalty notices to foreigners who have not obtained Foreign Investment Review Board approval before purchasing property and/or have breached a condition of previously approved applications.

Why did this happen?

As part of a raft of housing affordability measures, the federal government in recent years has put the breaks on foreign investment in residential property.

Foreign investment in residential property is still doable under Australian law, but there are stricter obligations that foreign nationals have to meet to stay above board.

You can read more about the requirements and conditions here.

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