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.
