Jim Chalmers has moved quickly to double fees for foreign investors acquiring assets in Australia, but he insists offshore buyers remain welcome in Australia.
will pay $26,400 in FIRB application fees and the foreign purchaser of a $5 million residential home will pay $105,600.The maximum fees for large corporate transactions will double to $1.045 million, from $522,500.“The Albanese Labor government is delivering on its election commitment to increase foreign investment fees and penalties,” Dr Chalmers said.
“We welcome foreign investment in Australia because it plays a crucial role in Australia’s economic success and will continue to be important into the future.”vowed during the election campaign to raise billions of dollars from a tax avoidance crackdown, business fines and higher fees on foreign investorsIt forecast an extra $3.1 billion in revenue over four years by ramping up the Australian Taxation Office’s tax avoidance taskforce on multinationals, large corporates and wealthy individuals.
Dr Chalmers blamed the rise in the fees on the $1 trillion budget debt that Labor inherited from the former Coalition government.
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