From pointonpartners.com.au: Recent changes in Australian law require foreign persons, including temporary residents, to obtain approval before purchasing existing residential properties due to a ban effective from April 1, 2025.

Beneficiaries who are not ordinarily resident in Australia and are considering changing trustees in their trust must consider whether FIRB approval applies to their situation, as failure to comply may lead to civil or criminal penalties.

The Foreign Acquisition and Takeover Act 1975 outlines the regulatory framework that governs foreign ownership of Australian land and assets, with specific criteria for when approvals are necessary.