Successful Waiver of FIRB Fees

by admin Feb 21, 2025

At the beginning of the new year, our lawyer Nancy Wang successfully resolved a complex property transfer and FIRB fee dispute for our clients, delivering them the best New Year’s gift!

Successful Waiver of FIRB Fees for Property Transfer Between Spouses

Case Background:
An overseas couple jointly purchased a property in Australia and paid the Foreign Investment Review Board (FIRB) application fee. Due to changes in their financial planning, they decided to transfer the property to one spouse. According to FIRB regulations, the receiving spouse would need to submit a new FIRB application and pay an additional fee. This fee amounted to tens of thousands of Australian dollars, placing significant financial pressure on the recipient.

Policy and Legal Analysis:
Under Australian foreign investment regulations, foreign buyers must obtain FIRB approval and pay application fees when acquiring property. However, after thorough examination of the policies, Nancy found it unreasonable and contrary to legislative intent to require spouses to pay FIRB fees again for an internal transfer of property, particularly when no monetary consideration was involved.

Successful Resolution:
Nancy meticulously reviewed relevant laws and precedents, preparing comprehensive evidence and legal arguments. She then represented our clients in applying to the Australian Taxation Office (ATO) for a waiver of the second FIRB application fee. Nancy emphasized that the transfer was an internal redistribution of marital assets and should not be treated as a new foreign investment. After several rounds of professional and effective discussions, the ATO agreed with our legal position and waived the second FIRB application fee associated with the spousal property transfer.

Case Outcomes:

Significant Cost Savings: Clients successfully avoided paying tens of thousands of dollars in additional FIRB fees, saving substantial costs.
Smooth Process Completion: The property transfer was finalized smoothly, achieving the couple’s financial planning objectives.
Efficient and Professional Service: Nancy and her team swiftly resolved this complex issue, demonstrating exceptional professional capability and dedication.
High Client Satisfaction: This successful outcome not only helped clients achieve their financial goals but also enhanced their trust and satisfaction with our firm.

This successful case not only marks an excellent New Year’s gift for our clients but also signifies a promising start for our team’s professional service in the coming year!

Our Services:
Whether you require assistance with property purchase, transfer, foreign investment applications, or tax disputes, we are committed to providing the most professional and attentive legal support.

If you encounter any difficulties with property matters or related legal issues, please do not hesitate to contact us. We are here to assist you wholeheartedly!