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Chinese foreign investor handed eye-watering fine over failure to build property on vacant land
A Chinese foreign investor has been handed an eye-watering fine after failing to build property on vacant land she bought four years earlier.
A foreign investor has been handed an eye-watering fine by the ATO after failing to build on land previously purchased.
Chinese resident Fengqin Li was ordered to pay $508,000 to the ATO after failing to complete construction on vacant land within four years.
Court records seen by News.com.au showed Ms Li purchased land in Berwick, Victoria, in 2011.
Ms Li initially responded to the ATO’s enquiries over the matter but later stopped engaging.
The ATO continued its compliance action regardless and obtained a civil penalty order through the Federal Court.
Foreign investor hit with $508k penalty over land banking
The Australian Taxation Office (ATO) has continued its crackdown on foreign investors, fining a second overseas landlord for failing to build residential dwellings within the timeframe.
The Australian Taxation Office (ATO) has continued its crackdown on foreign investors, fining a second overseas landlord for failing to build residential dwellings within the timeframe.
The ATO has won a second civil penalty case against a foreign investor accused of breaching Australia’s rules on purchasing vacant residential land.
Fengqin Li has been ordered to pay a $508,000 penalty after failing to build a residential property on vacant land within the four-year timeframe attached to their foreign investment approval.
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