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Illegal foreign investment; Joe hockey doesn't seem to be looking to hard
Topic Started: 23 Aug 2015, 03:04 PM (1,640 Views)
Chris
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http://www.domain.com.au/news/record-sale-glen-waverley-house-gains-20000-every-day-for-the-past-two-months-20150822-gj5ec9/

Big story of the day, house in what was a very bland low/middle class suburb in 2005 is now a Chinese millionaires enclave. The article is a puff piece about the roads being aver with gold etc but seems to throw up some pretty significant ques about the legitimacy of the vendor. Property purchased by a newly registered company Marriott Pty Ltd (house is located at 17 Marriott Parade, Glen Waverley so no prizes for figuring out how the name was derived) to the sole director Fen Gao in June 2015 for 4.1mil.

https://connectonline.asic.gov.au/RegistrySearch/faces/landing/SearchRegisters.jspx?_afrLoop=755254090094288&_afrWindowMode=0&_adf.ctrl-state=53uaqpe98_4

Who is Fen Gao and how did a company registered 6 weeks before the purchase with no links to any other company or organisation find 4.1 mil in capital? Was all associated taxes paid on the purchase and the subsequent sale??

Surely these questions need to be asked, it was splattered across the front page of a major news network as a hero feel good story but has almost anyone who reads it thinking it stinks to high heaven. There's every chance it's legit but unlikely so if something like this doesn't get hockey's attention then what would?
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Subpryme
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Don't worry Chris, I'm sure the next blue-collar Victorian work-a-day buyer will offer $6,500,000 plus.

It's funny how the final sale price of the "classically comfortable three bedroom home" was withheld on the Domain website.

Nice land size though, if not a slightly awkard shape.
Human beings go mad in crowds.. and come to their senses slowly and individually..
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Count du Monet
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Too hard.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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jrsnr
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compliance checking is being handed off to ATO on 1st Dec., 2015, i would expect improved performance then but let's wait and see

Foreign investment reform package, Second reading speech, 20 August 2015
Quote:
 
...The Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015 makes essential changes to simplify the system, strengthen the framework and ensure the rules are enforced. Mr Speaker, consistent with the recommendations of the House Economics Committee, the Bill introduces a range of new and stricter penalties that are commensurate to the severity of the breach and ensure that those who break the rules do not profit by their actions. Criminal penalties will be increased from $90,000 to $135,000 for individuals and will be supplemented by civil pecuniary penalties and infringement notices for less serious breaches of the residential real estate rules. Third parties such as real estate agents, migration agents, conveyancers and lawyers who knowingly assist a foreign investor to breach the rules will also now be subject to both civil and criminal penalties. The Government has provided $47.5 million over four years to the ATO to improve compliance and enforcement of the rules. The ATO has the capacity to cover more than 600 million transactions annually through its sophisticated data matching programs.
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ggriff
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Company setup 2 months before buying a $4.1 million house. Looks legit to me... :re:
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Ex BP Golly
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ATO should take a leaf out of the criminals book, and give the compliance officers some bonuses and other inducements to lift their productivity.

Just like banksters and Rort Estate Agents do with their staff.
Edited by Ex BP Golly, 27 Aug 2015, 05:44 AM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Elastic
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jrsnr
26 Aug 2015, 01:25 PM
compliance checking is being handed off to ATO on 1st Dec., 2015, i would expect improved performance then but let's wait and see

Foreign investment reform package, Second reading speech, 20 August 2015
The same ATO that has had thousands of job cuts in the past couple of years.
Only a rat can win a rat race.

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peter fraser
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Elastic
27 Aug 2015, 11:24 PM
The same ATO that has had thousands of job cuts in the past couple of years.
Yep, that's the one.
Any expressed market opinion is my own and is not to be taken as financial advice
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Ex BP Golly
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peter fraser
28 Aug 2015, 08:35 AM
Yep, that's the one.
So all the criminals will be safe then Peter?
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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