Which body examines foreign investment proposals, including foreign purchases of residential property, and advises the Treasurer on whether to approve them?
Correct Answer
B) Foreign Investment Review Board (FIRB)
The Foreign Investment Review Board examines foreign investment proposals, including foreign purchases of residential property, and advises the Treasurer, who decides them under the Foreign Acquisitions and Takeovers Act 1975. The ATO administers residential applications. A foreign person needs approval before buying residential land, and penalties for breaches include forced sale.
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