Emil Ford Lawyers

FIRB Changes - New Offences & Penalty Regime

Developers need to be aware of new civil and criminal penalties which relate to the sale of residential real estate to non-residents other than in accordance with conditions applying to an exemption certificate.

For example, a property developer who fails to market apartments in Australia in accordance with conditions applying to an exemption certificate faces a maximum criminal penalty of $675,000 for a company and $135,000 for an individual and civil penalty of $225,000 for a company and $145,000 for an individual.

A property developer who fails to comply with reporting conditions associated with an approval also faces both criminal and civil penalties.


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