A foreign company wishes to purchase a $50 million commercial office building in Melbourne. Under current FIRB regulations, what threshold determines whether FIRB approval is required?
Correct Answer
B) $15 million for most foreign investors
For commercial real estate acquisitions, the current FIRB threshold is $15 million for most foreign investors (as of 2024). This threshold was temporarily reduced from higher amounts and applies to developed commercial land acquisitions by foreign persons.
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A developer sells a new residential property in Victoria for $750,000 including GST. The land component is valued at $300,000. What GST amount must the developer remit to the ATO under the margin scheme?
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A foreign investor purchased an investment property under FIRB approval but failed to comply with the condition to rent it out within 12 months. What penalty can FIRB impose?