The Australian Taxation Office has released instructions for property developers and vendors seeking to apply for new (or near-new) dwelling exemption certificates.
Obtaining a dwelling exemption certificate allows developers’ foreign buyers to purchase Australian property without seeking their own individual foreign investment approvals. Further, it allows foreign buyers to purchase developments up to $3 million in value.
Guidance for submitting an application is available, including eligibility and approval conditions. Information is also provided regarding property developers’ obligation to accurately report on sales of Australian residential properties to foreign buyers.
Without exemption certificates, foreign persons (including temporary residents and foreign non-residents) wanting to invest in Australian real estate may need to apply for foreign investment approvals or seek an exemption before purchasing Australian property.
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