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In February 2015, the Australian government announced that the ATO will take responsibility for both approving foreign investment in residential real estate and a new register of foreign investment in agricultural land. On 2 May 2015, the same government provided further details of the new functions the ATO will be given as part of the initiative to Strengthen Australia’s Foreign Investment Framework.The forced sales come after the ATO was given responsibility for residential real estate compliance in 2015, to ensure foreign nationals holding Australian properties illegally are held to account. The ATO has in total issued more than 1500 penalty notices to people who have failed to obtain foreign review board approval before buying a property, or breached a condition of an approved application.

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