Categories for Australian Tax Office

11/8/2020
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Subdivider concession application REMINDER RevenueWA wishes to remind all landowners that applications for the subdivider concession close    31 August 2020. Early lodgment of the application form will ensure we can consider the concession when issuing assessments. Important The subdivider concession is a one-year concession from land tax. For the 2020–21 tax year, the concession applies to qualifying residential lots that were subdivided between 1 July 2019 and 30 June 2020. Owners of these lots can pay land tax (and metropolitan...

Biosecurity and Agricultural Management (BAM) Act and Settlement

6/4/2020
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Biosecurity and Agriculture Management Act 2007 Western Australia’s defences against potentially devastating pests and diseases were strengthened with the Biosecurity and Agriculture Management Act 2007 (BAM Act) coming into effect on 1 May 2013. What the BAM Act does. The BAM Act and associated regulations were enacted on 1 May 2013. The new BAM Act takes the place of 16 older Acts and 27 sets of regulations with one Act and nine sets of regulations and enhances protection of the...

GST Withholding Bill – new residential properties and subdivisions – expected 1 July 2018

2/9/2018
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The GST on property transactions measure has been introduced, as schedule 5 to the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018.To recap:The Government will strengthen compliance with the Goods & Service Tax (GST) law by requiring purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The measure will require the purchaser of newly constructed residential properties of new subdivisions to remit the GST...

GST at Settlement Update

9/6/2018
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GST UpdateReview of the GST at settlement measureNow that the GST measure has been operating for 6 weeks the ATO have put together a Process Review Document HEREATO invite interested parties to be part of a Webinar: GST at settlement – Process guidance and common questions – Thursday 6 September  2-3pmThis webinar will focus on the GST at settlement process for purchasers and suppliers. We will also cover some of the issues we have identified with forms received so far and...

GST and Residential contract

8/6/2018
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Just a reminder that GST is now a query of every Residential contract dated on & post 1/7/18. Not just the obvious ‘new land or new builds’, since ‘New Residential Premises’ under the Taxation administration act, may still be quite aged properties!“The term ‘new residential premises’ is defined in s 40-75 of the GST Act:Residential premises are new residential premises if they:a. have not previously been sold as residential premises and have not previously been the subject of a long-term lease; orb. have...

GST Remittance – Withholding weighted on Buyer

17/5/2018
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On or after 1 July 2018, certain purchasers of new residential premises or potential residential land will be required to withhold an amount from the price of the supply for payment to us. Note: When we refer to purchasers we are also referring to lessees under long-term leases. The withholding amount is due on or before the day that consideration for the supply (other than a deposit) is first provided. If the contract is an instalment contract that will be...