Foreign persons need to obtain approval from them before purchasing Australian residential real estate. They can do this by using the FIRB application form,
After approval and a property is purchased, it must be registered on the ATO Land and Water Register using the Land and Water Registration form. Registration is free and must be completed no later than 30 days after settlement.
Foreign persons must use the registration form to update the register if their situation changes and penalties, including heavy fines may apply if foreign persons fail to obtain foreign investment approval from FIRB or register on the ATO Land and Water Register.
The Insights into foreign purchases and sales of residential real estate report is also now available and provides information purchases and sales of Australian residential real estate by foreign persons.