Real estate foreign investment compliance under scrutiny

THE Joint Committee of Public Accounts and Audit is holding its second public hearing on Wednesday for the Committee’s inquiry based on Audit Report No. 48 (2017-18), Managing Compliance with Foreign Investment Obligations for Residential Real Estate.

The committee will hear from the Australian Taxation Office, the Department of the Treasury, and the Australian National Audit Office.

Committee chair, Senator Dean Smith, said the public hearing would assess the effectiveness of the ATO’s and Treasury’s management of compliance with foreign investment obligations for residential real estate.

“The committee will consider how foreign investment compliance arrangements by the ATO and Treasury were monitored and reported, and activities undertaken to address potential non-compliance.”

The JCPAA is Parliament’s joint public administration committee. It scrutinises the governance, performance and accountability of Commonwealth agencies, and has the power to inquire into all expenditure of Commonwealth money.

The Committee examines all reports of the Auditor-General tabled in the Parliament and can inquire into any items, matters or circumstances connected with these reports.

Further information about these inquiries can be accessed via the Committee’s website.

Public hearing: Wednesday, 28 November 2018, Committee Room 2R1, Parliament House, Canberra

9am to 10am: Audit Report No.48 (2017-18), Managing Compliance with Foreign Investment Obligations for Residential Real Estate

Witnesses: Australian Taxation Office, Department of the Treasury, and the Australian National Audit Office

The public hearing will be broadcast live at aph.gov.au/live. The hearing program is available from the Committee website.

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