What is the primary purpose of the Foreign Investment Review Board (FIRB) in relation to property purchases?
Correct Answer
B) To review foreign investment proposals in Australian real estate and advise on approval.
The Foreign Investment Review Board examines foreign investment proposals and advises the Treasurer, who makes the decision under the Foreign Acquisitions and Takeovers Act 1975. For residential land, a foreign person needs approval regardless of the property's value; monetary thresholds apply only to some other kinds of land and business acquisitions. The ATO administers residential applications.
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