Foreign Investor Fined $250,000 for Illegal Property Purchases

Foreign Investor Fined $250,000 for Illegal Property Purchases
The outside of the Supreme Court of New South Wales building is seen in Sydney, Australia, on Oct. 9, 2013. William West/AFP via Getty Images
Alfred Bui
Updated:

Australia’s Federal Court has fined a man living in Victoria for illegally purchasing and possessing multiple properties, the first penalty order issued since the enaction of the country’s foreign investor laws.

The court ruled that Vijay Balasubramaniyan, a temporary resident, had to pay a total of $250,000 (US$186,000) in fines to the federal government, plus the legal costs of the Tax Commissioner, for failing to comply with the laws when acquiring four Victorian properties.
Alfred Bui
Alfred Bui
Author
Alfred Bui is an Australian reporter based in Melbourne and focuses on local and business news. He is a former small business owner and has two master’s degrees in business and business law. Contact him at [email protected].
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