A foreign investor purchases a residential property in WA for $800,000. In addition to the standard transfer duty and the 7% foreign buyer surcharge, what other approval might they need?
Correct Answer
B) Approval from the Foreign Investment Review Board (FIRB)
Foreign persons purchasing residential property in Australia (including WA) generally require approval from the Foreign Investment Review Board (FIRB) under the Foreign Acquisitions and Takeovers Act 1975 (Cth). FIRB approval must typically be obtained before the purchase, and application fees apply.
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