Categories for Australian Tax Office

Purchaser’s obligation to pay an amount for GST on taxable supplies of certain real property

27/4/2018
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LCR 2018/D1Purchaser’s obligation to pay an amount for GST on taxable supplies of certain real property “Schedule 5 of Treasury Laws Amendment (2018 Measures No. 1) Act 2018 (the Act) introduces provisions that require a purchaser of certain types of real property to make a payment to the Commissioner that represents the GST payable by the vendor. As a consequence, the purchaser then does not have a liability to the vendor for that amount.  Subject to certain exclusions a purchaser’s liability...

GST Withholding Measure Update

5/4/2018
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The Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 was passed on 29 March. Under Schedule 5 of the Bill, purchasers of real estate may be required to withhold GST on the purchase price of new residential premises and new residential subdivisions and remit the GST directly to the ATO on settlement. Generally, these new rules apply to contracts entered into on or after 1 July 2018.It does not affect the sales of existing residential properties or the sales...

How will you manage change in 2018?

13/2/2018
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How will you manage change in 2018? Are you ready for: e-Conveyancing? GST remittance? VOI for paper-based transactions? The new version of the Joint form of General Conditions? Property Reporting Online And that’s just in the next 6 months!  What will the rest of 2018 serve up to conveyancers?Don’t get left behind!AICWA is proud to have partnered with sponsors and key industry stakeholders to deliver a broad calendar of training events. We are committed to assisting you by delivering quality training outcomes...

GST Withholding – buyer of newly constructed homes & new subdivision properties.

25/1/2018
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Makes me laugh that “the Federal Government will strengthen compliance” BY MAKING OTHER PEOPLE DO THEIR JOB!!!! Yet another coming tax trap for buyers of new properties. GST Withholding.From 1 July 2018, the Federal 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. Under the current law (where the GST is included in...

Landlords lose thousands in tax savings in new bill

28/11/2017
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Landlords lose thousands in tax savings in new bill  Melissa Browne I love a good game of diversion. It’s always interesting to look at the bills passed on days where there are other big announcements happening or on a Friday afternoon when we’re deep in our second wine after a big week.It’s no surprise therefore, that a bill slipped through unobtrusively on November 15 when the nation was focussed on the result of the same-sex marriage survey. However, many Australians...