The Australian Taxation Office clampdown on foreign buyers owning undeveloped land has intensified.
The ATO secured a double win in the Federal Court last month when two foreign buyers were ordered to pay a combined $878,000 in penalties for breaking strict foreign investment rules on land banking.
The Federal Court of Australia ordered Fengqin Li to pay $508,000 and Guno Handojo to pay $370,000 for failing to complete a home on vacant land within the four-year period required by their foreign investment approval conditions.
