In an effort to tackle the housing challenge, the Federal Government recently announced that it will impose a temporary ban on foreign purchases of established dwellings in Australia, and crack down on land banking.

This brief article re-publishes the Federal Government’s announcement about these new changes, which includes the relevant dates and exceptions that will apply to the new restrictions.

Foreign investors will be required to provide notice to the Commissioner of Taxation of certain transactions relating to interests held in land and in entities and businesses in Australia.

Transactions that occur on or after 1 July 2023 are captured by the new Register of Foreign Ownership of Australian Assets, irrespective of when an approval was granted, (if any).