By Scott O. Talbot, December 10, 2015

Australian Government warns real estate agents to brace for fines and convictions

The Real estate agents from around the world that have assisted foreign investors acquire property illegally, are under the micro scope by the Australian Taxation Office (ATO).

The Australian Government is warning real estate agents to brace for heavy fines and criminal convictions if they assisted overseas buyers to purchase Australia real estate illegally.

As the Australian government strengthens the rules around foreign investment in real estate, the ATO has commenced a data-matching program that will trawl 30,000 “entities" records held by other government agencies, dating back to 1985.

The FIRB amnesty expired on November 30. The Australian Federal Government has revealed stricter penalties to ensure that foreign investors and intermediaries – which include real estate agents and lawyers – do not profit from breaking the rules.

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Criminal convictions for real estate agents