Are you a foreign investor looking to purchase property in Australia? Here’s a step-by-step guide to navigate the application process with the Australian Taxation Office (ATO):
**1️⃣ Pre-Approval Is Mandatory**
Foreign investors must secure approval from the ATO *before* acquiring an interest in property. This includes signing an unconditional contract or an option agreement.
💡 **Tip**: You can still enter into a conditional contract while awaiting approval to avoid losing the property to another buyer.
**2️⃣ Application Process**
Follow these steps to submit your application:
– Visit the **‘Online Services for Foreign Investors’** portal on the ATO website.
– Create a **MyGov** account if you don’t have one.
– Use the MyGov app to log in and lodge your application.
– Provide details about the property and information about yourself or the purchasing entity.
– Use the **Foreign Investment Application Checklist** to ensure accuracy.
– Submit your application and pay the required fee.
**3️⃣ Decision Timeline**
– The ATO has a **30-day statutory period** to decide on your application.
– Once approved, you’ll be notified within 10 additional days.
**4️⃣ Register Your Property**
If approved, you must register your property on the **Register of Foreign Ownership of Australian Assets**. This is a straightforward process and is free of charge.
**Why Is Approval Important?**
The ATO assesses how your investment contributes to Australia’s housing stock and ensures compliance with national regulations.
🌟 Investing in Australian property as a foreigner may seem complex, but following these steps will make the process smoother. Ready to start your journey? Head to the ATO website today!
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