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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Judgement Day for Foreign Investors face jail and divestment orders for creating Property Bubbles. About Time!

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Judgement day arrives for illegal foreign buyers

By  in Australian PropertyFeatured Article

at 7:58 am on December 1, 2015 | 93 comments

 

By Leith van Onselen

 

Today is 1 December, which means that the amnesty on illegal foreign buyers of Australian residential real estate is over and the Government’s new penalty regime comes into effect.

From today, a foreign national that has been found to have purchased an established dwelling without prior Foreign Investment Review Board (FIRB) approval, or has failed to dispose of a property once they have left Australia (in the case of temporary residents), faces increased penalties, including:

 

  • Criminal penalty of $135,000 or 3 years imprisonment; or  Civil penalty of the capital gain made on divestment of the property or 25% of the purchase price or market value of the property (whichever is greater).

For the first time, third parties that knowingly assist foreigners to illegally purchase Australian homes will also face penalties of $45,000 individually or $225,000 for a company.

The new penalty regime is outlined in the below tables:............

 

To help enforce the new rules, enforcement responsibilities were shifted from FIRB to the Australian Taxation Office (ATO) in May. The ATO has also been manned with 50 enforcement officers, and has sophisticated systems and detailed data matching capabilities at its disposal. Already, the ATO is actively pursuing illegal foreign buyers. According to Treasurer Scott Morrison last month, “over 1,044 matters have been investigated [by the ATO]. Through information provided by the public, together with our own enquiries, we now have 532 cases under active investigation”.  The ATO has also already issued seven divestment orders on the below homes:..........

 

For too long, foreign buyers have been illegally hoovering-up established homes, which has helped create acute price pressures in places like Melbourne and Sydney, in particular:............Now that the amnesty is over, illegal foreign buyers and their accomplices have nowhere to hide. Bring on the penalties and divestment orders.

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