Foreign investor fined $370k as ATO cracks whip on land banking
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A foreign investor was fined $370,000 for land banking practices as the ATO tightens its screws on those who breach foreign investment rules.
A foreign investor was fined $370,000 for land banking practices as the ATO tightens its screws on those who breach foreign investment rules.
The ATO said it is cracking down on foreign investors who break Australia’s “strict” foreign investment rules by land banking vacant land.
The Federal Court of Australia recently found that Guno Handojo breached the development conditions attached to its foreign investment approval after failing to construct a residential dwelling on vacant land within the required four-year time frame.
The court ordered Handojo to pay a penalty of $370,000. During the proceedings, the Federal Court also granted freezing orders over the land to prevent its disposal before the court’s outcome.
This matter is subject to appeal from Handojo.
The ATO identified this breach through its compliance program targeting land banking, including data matching and audits of foreign investment approvals. It noted that it uses extensive data and intelligence to identify foreign investors who fail to comply with the Foreign Acquisitions and Takeovers Act 1975 and the foreign investment framework.
Once the ATO completes an investigation under its compliance approach, it may direct a foreign person to take an action or actions that will result in compliance where they were previously breaching the foreign investment rules.
It may also issue infringement notices or penalties to foreign investors if they fail to comply with the rules, issue disposal orders requesting the investor to dispose of their investments in Australian residential property, review and revoke approval where the foreign investor has provided false or misleading information (or failed to provide important information) when seeking approval.
The ATO may also take further action by applying to the relevant court or tribunal to enforce compliance, as in Handojo.
Foreign investors who purchase vacant residential land are typically required to build within four years under Australia’s foreign investment rules to ensure land is “put to productive use” and contributes to housing supply.
ATO assistant commissioner Jennifer Moltisanti said Handojo’s case should warn foreign investors and their advisers, and welcomed the outcome.
“The ATO can and will use its powers to bring foreign-held land that has been illegally banked by foreign investors back into the housing market, which may include forced sale of the land,” Moltisanti said.
“Foreign property owners who think they can simply ignore their Australian legal responsibilities are sorely mistaken, and this court outcome demonstrates that.”
She also said this action demonstrates the ATO’s commitment to ensure compliance by foreign investors.
“Foreign investors and their representatives need to understand that buying residential land in Australia comes with clear and enforceable obligations.”
“Where foreign investors do not comply, we will take firm action, including court proceedings, to uphold the law and protect Australia’s national interests.”
While the ATO noted that it promotes voluntary compliance with the foreign investment rules, it warned that where foreign investors attempt to avoid or obstruct compliance – including by failing to develop approved land or obscuring beneficial ownership – they could expect stronger enforcement action to follow.
In its 2026–27 budget announced in May this year, the federal government said it will extend the temporary ban on foreign purchases of established residential dwellings until 30 June 2029. The ban was originally in place for two years from 1 April 2025.
“The extension of the ban will mean Australians will be able to buy homes that would have otherwise been bought by foreign persons, while encouraging foreign persons to boost Australia’s housing supply,” the government said.
It said current limited exceptions to the ban for purchases of established dwellings that support housing supply will continue. General exemptions from foreign investment screening will also continue to apply for purchases of established dwellings, including for permanent residents and New Zealand citizens.
The government said this measure is estimated to reduce tax receipts by $185 million over the five years from 2025–26 due to foregone revenue from foreign investment applications.
By: Malavika Santhebennur | 22 September 2026 | accountantsdaily.com.au
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Chris is the Managing Director of the Firm who established the practice in August 1994 and has been responsible for its growth and development since that time.
Chris has over 40-years experience in the Chartered Accountancy profession, predominantly spent in small to medium sized firms, advising small and medium sized businesses and individuals in areas such as taxation and accounting as well as business restructuring and superannuation advice.
Chris remains active in the development of young accountants through mentoring cadets at the Firm.
1980 – Commenced employment and part time university studies
1985 – Graduated Bachelor of Business from University of Technology, Sydney
1986 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
1994 – Established Wybenga & Partners
Dianne Bechara
B.Bus, CA
Dianne is responsible for the day-to-day operations and administration of the practice.
Dianne has over 30-years Chartered Accountancy experience and has significant expertise in providing advice and solutions to high-net-worth individuals and their associated entities. Dianne also has considerable knowledge in the areas of taxation, business services, superannuation, and compliance.
Dianne is active in promoting gender equality in the industry through various programs and mentoring opportunities. Dianne is also committed to the development of young accountants and donates considerable time to sharing her expertise.
1992 – Graduated Bachelor of Business from University of Technology, Sydney
1993 – Commenced employment in acounting profession
1996 – Commenced career with Wybenga & Partners
1997 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
2002 – Appointed as Director of Wybenga & Partners
Roger Potter
B.Bus, CA
Roger has over 40-years in the Chartered Accountancy profession and significant expertise in providing advice and solutions to small and medium sized businesses and high-net-worth individuals. He also has extensive experience in the areas of Self-Managed Superannuation Funds and retirement strategies.
1985 – Commenced employment and part time university studies
1990 – Graduated Bachelor of Business from University of Technology, Sydney
1992 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
1998 – Commenced career with Wybenga & Partners
2002 – Appointed as Director of Wybenga & Partners
Tess Uncle
B.Sc, M.Com, CA
Tess has been working in Chartered Accounting Firms since 2001 and in this time has had a broad range of experience in superannuation, taxation, business services and financial strategy.
Since 2016, Tess has turned her attention to Financial Planning, earning a Diploma of Financial Planning in 2015 and leading the financial division of Wybenga Group as a Director of Wybenga Financial.
Tess’s mission is to bring the ethics and integrity of her Chartered Accounting background to the area of wealth management.
As a woman in a male dominated field, Tess is active in promoting gender equality in the industry through various programs and mentoring opportunities.
Using her depth of knowledge and experience in tax and accounting Tess is able to demonstrate a level of competence that is unique in the Financial Planning sector.
2001 – Commenced employment with Wybenga & Partners and part-time accountancy studies
2004 – Graduated Masters of Commerce from the University of New South Wales
2005 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
2007 – Promoted to Manager at Wybenga & Partners
2012 – Appointed as Associate Director
2015 – Awarded a Diploma in Financial Planning
2016 – Appointed as Director of Wybenga & Partners Pty Ltd, Wybenga Group Pty Limited and Wybenga Financial Pty Ltd
Schedule a Meeting with Tess
Adam Roberts
B.Bus, B.Sc, CA
Adam has over 18-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Adam has had significant experience in MYOB and assisting clients with periodic management reporting.
Adam is responsible for the implementation of technology in the Firm and sourcing new areas of innovation and efficiency.
Adam is active in the development of young accountants and donates considerable time to sharing his expertise.
2005 – Commenced employment with Wybenga & Partners and part-time Accountancy Studies
2005 – Graduated Bachelor of Science from the University of Western Sydney
2007 – Graduated Bachelor of Business from the University of Western Sydney
2010 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
2010 – Promoted to Manager at Wybenga & Partners
2012 – Appointed as Associate Director
2016 – Appointed as Director of Wybenga & Partners
Schedule a Meeting with Adam
Hussein Oubani
B.Bus, CA
Hussein brings over 20 years of experience working in Chartered Accounting Firms, during which he has gained extensive expertise in taxation and business services. He provides advice on various tax issues, including capital gains tax, fringe benefits tax, goods and services tax, and Australia’s tax treaties.
Hussein is dedicated to fostering the growth of young accountants and generously devotes a significant amount of time to sharing his knowledge and expertise.
2008 – Commenced employment with Wybenga & Partners and part-time Accountancy Studies
2010 – Graduated Bachelor of Business from the University of Western Sydney
2012 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
2024 – Appointed as Director of Wybenga & Partners
Accounting Cadetships
Build your career with expert guidance from our accounting cadetships program, based in Sydney NSW.
Wybenga & Partners offer accounting cadetships at our location in the CBD of Sydney NSW. You’ll receive expert guidance as you work in the industry.
Each year we offer several school leavers or undergraduates the opportunity of beginning their career with us via an Accounting Cadetship. If you are interested in pursuing a career in accounting please read the information below. Our accounting cadetships could be perfect for you!
What is an Accounting Cadetship?
An Accounting Cadetship enables you to commence your career whilst attaining the necessary university qualifications by studying part-time.
How Does It Work?
Generally, our cadets complete a Bachelor of Commerce (BCom) or Bachelor of Business (BBus) degree at the University of New South Wales, the University of Technology Sydney, Macquarie University, or the University of Western Sydney.
The firm provides 3 hours paid study leave per week to attend University. This can either be taken at the one time or broken between days depending on the individual’s requirements. In addition, the Firm provides paid study leave for both mid-semester and end-of-year exams.
We take the work life balance very seriously at Wybenga & Partners and our cadets are encouraged to have a fulfilling life outside the office. A typical day will have you arriving at the office at around 8.30am with most days concluding at 5.30pm.
What Are the Benefits of Accounting Cadetships with Wybenga and Partners?
Our cadets benefit from the following:
Career path – on completion of their degree our cadets have significant practical experience which will assist them in advancing their careers.
Work helps your studies – by working full-time our cadets are able to apply their practical knowledge in the university subjects.
Camaraderie with other cadets – the Firm has a number of cadets at various stages of their career.
Mentoring – cadets are paired with a senior staff member who oversees their progress and training both at work and with their studies.
Communication and feedback – the Firm has an open door policy which enables all cadets to interact with all members of staff including Directors.
Culture – the Firm promotes a friendly social culture with a number of functions throughout the year.
Modern environment – including ‘socialising’ areas such as pool table and break out area.
Training – ongoing support and technical training. We also provide internal and external training on a monthly basis.
Remuneration – working full-time provides a market salary and independence with salaries being reviewed every 6-months.
The completion of your degree is the first step of what we hope to be a long and successful career with us. The next step is the commencement of your CA Program with the Institute of Chartered Accountants Australia and New Zealand whilst at the same time continuing your employment with us.
A number of cadets have progressed to Seniors, Managers, and Directors within the firm.
Who Should Apply?
Current Year 12 students or first/second year University Students who:
want to commence their career in accountancy;
are due to commence or are currently completing a part-time business or commerce degree at university with an accounting major;
want to gain valuable hands-on experience while completing their qualifications;
are looking for a friendly working environment;
are team players who display initiative;
have a commitment to self-development;
possess excellent personal presentation and communication skills; and
are motivated and mature minded.
How Do I Apply for an Accounting Cadetship?
To apply for a Cadetship position at Wybenga & Partners send us your details. Please also include in your covering letter why you wish to do a cadetship, include relevant qualities you possess, main interests / achievements, and any previous employment.
Interested candidates should initially forward a resume/covering letter of no more than 3-pages. Please provide full details of contact information (telephone or e-mail).
What If I Have More Questions?
For further information about our Cadetship program, please send your enquiry to .
Skilled Accountants
Wybenga & Partners offers a stimulating work environment giving you the opportunity to develop your future success.
Wybenga & Partners recognises and promotes that there is more to life than work. We know that your needs change and we provide support to balance your work, academic and lifestyle pursuits.
We welcome enquires from trained accountants regarding a career with Wybenga & Partners. Please email us your details to .
