A foreign person bought a dwelling under a foreign investment approval and later breaches a condition of that approval. Which enforcement power can the Treasurer use?
Correct Answer
C) Make a disposal order requiring the person to sell the property
Under the Foreign Acquisitions and Takeovers Act 1975, the Treasurer can order a foreign person to dispose of residential land acquired in breach of the Act or of a condition of approval. Civil penalties and infringement notices are also available. FIRB advises the Treasurer, and the ATO administers residential compliance.
Why This Is the Correct Answer
The Foreign Acquisitions and Takeovers Act 1975 lets the Treasurer make a disposal order requiring a foreign person to sell residential land where a condition of approval is breached. Civil penalties and infringement notices can apply as well.
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