Our tax colleagues in Chartered Accountants Australia and New Zealand advise of new deadlines which may impact Irish property investors in Australia.

The Australian Tax Office has taken over the enforcement of legislation which requires foreign buyers to seek permission to acquire Australian residential land (limited exceptions apply). Substantial penalties apply for breach of these rules, but a reduced penalty period is still available for voluntary disclosure. The Australian Tax Office has also been given responsibility for developing a compulsory register of foreign owned agricultural land: owners have a short period to come forward and register.

Further details can be found on the Australian Tax Office website.