Realtors can’t turn a blind eye to foreign buyers

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By Leith van Onselen

The new enforcement regime governing investment in Australian property by foreign buyers, which comes into effect on 1 December, will for the first time include financial penalties for third parties that knowingly assist foreign buyers to break the rules. And this has created some confusion amongst the real estate community.

According to property lawyer, John Turnbull, the new rules have created a grey area of the law because the definition of “knowingly” was unclear. From The AFR:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.