AUSTRALIA not just Victoria … the top spot for foreign property buyer breaches

 

Melbourne’s changing skyline around the corner of Lonsdale and LaTrobe streets. Apartments are going up everywhere amid concerns of a property bubble. Photo: Penny Stephens. The Age. 23RD JUNE 2015

COMMUNITY ACTION ALLIANCE FOR NSW (CAAN) …

IT would appear the Australian Government has been complicit with the legislation written contrary to the protection of  the sovereignty of this Nation! 

ANALYSIS …

WHY have only 877 breaches in Victoria (2015 to date) from foreign buyers been found?

-with Chinese investors approvals for 2016 and 2017 estimates of $46B and $47B apart from Proxy purchases

DESPITE the warnings from Transparency International, FATF, the OECD and others concerning the “Black Money” awash in Australian Residential Property that:

-only now it has been conceded there is a growing problem with “front people”, aka the Daigou/Proxy

The following would explain why developers, real estate agents or conveyancers were not being fined for breaches, or for not reporting “dodgy deals”:

-the second tranche of the Anti-Money Laundering Legislation for the Real Estate Sector has been shelved for more than a decade

-early October 2018 the Real Estate Sector was made exempt from any liability concerning money laundering in real estate (Aust. Govt)

WITH a cut of almost 5000 Tax Officer positions (2016), why was the ATO given responsibility for compliance with foreign property investment laws in late 2015?

ALONG with tackling the tax avoidance of the rich and powerful, was this the point of making the 4,700 Tax Officers redundant?

 

Victoria is the top spot for foreign property buyer breaches

 

SOURCE:  https://www.domain.com.au/news/victoria-is-the-top-spot-for-foreign-property-buyer-breaches-788137/?utm_campaign=strap-masthead&utm_source=smh&utm_medium=link&utm_content=pos5&ref=pos1

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