We all know them feels when you see a P-Plater driving a Mercedes:
Prepare to feel that x 100,000,000.
It’s been revealed that foreign students studying in Australia are buying up properties in excess of $5 million while the average Aussie renter faces the reality that they probably won’t ever own a house.
The students in question have never had the capital to purchase such exorbitant dwellings, so peeps started being all like ‘da fuck, y’all?’.
Regular Sydney students, for example, are lucky if they can rent a bathtub in a 4m X 4m apartment, that smells like cat-piss, with 12 other people. Most would saw off their left arm and let the wound fester for several days to reside in a $8 million penthouse for the duration of their degree.
PEEPS BE STRUGGLIN’ AND YOU GUYS ARE GETTING MULTI-MILLION DOLLAR HOUSES?!
Turns out the foreign students have been buying mansions in an elaborate scheme for overseas investors to gain footing in the Australian market. Their visa allows for the purchasing of property but stipulates they must only use it to live in.
As one would bloody hope, the ATO has launched an investigation into the means by which they’re making such purchase.
Tax Commissioner Chris Jordan disclosed yesterday that many of these students aren’t paying tax – and we all know how the taxman feels about people not coughing up.
“We are seeing examples of very young people who are here on maybe a student visa never having lodged a tax return, yet acquiring properties of say $5 million,” he said.
“We will be looking also — where’s the income if people have these places rented? How come you have not disclosed income?”
“We will be looking closely at where the source of those funds have come from, checking to see whether it’s previously untaxed income here in Australia or, in the worst case, has it come from the proceeds of crime?”
This all came to light after Joe Hockey revealed the government was conducting over 500 investigations into the illegal purchasing of over $1 billion dollars worth of property.
One such purchase was this fabulous $8.1 million Elizabeth Bay apartment:
The owners of the above property were busted and have 12 months to sell it off.
Taste it, assholes.
However, if any foreign investor is reading this, by all means shoot us an email.
DADDY. WANTS. PENTHOUSE.
Via The Daily Telegraph.
Images via Realestate.com.au.