Categories for Capital Gains Tax Caveator

Landgate require Verified ID & Authority for Buyers & Caveators

31/1/2018
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CIB 305 Change to Western Australian Registrar and Commissioner of Titles’ Joint Practice: Verification of Identity and Authority – fraud mitigation  31 January 2018 As foreshadowed and as part of their fraud mitigation strategy, the Western Australian Commissioner of Titles and the Registrar of Titles have updated their Joint Practice for Verification of Identity and Authority (VOI Practice) for paper-based transactions. The updated VOI Practice more closely aligns to the requirements for national electronic transactions.  The changes seek to improve...

New laws impose new levels of extra work.

7/1/2018
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With the imposition of new laws there are new & additional new levels of work involved towards the completion of your property settlement. The Australian Taxation Office and their Withholding tax implications for Foreign Resident and also the New GST on Residence, may expose both the buyer and seller to new compliance requirements and possible penalties, however if you believe these might apply to your settlement please inform your Conveyancer immediately to action and avoid penalties accruing on your side....

Impact on property sales of $750,000 or more

23/6/2017
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On 1 July 2017, the proposed changes to the Foreign Resident Capital Gains Withholding (FRCGW) rate and threshold will take effect.These changes will apply to contracts entered into on, or after 1 July 2017 for real property disposals where the contract price is $750,000 and above.  The FRCGW tax rate will also change from the existing rate of 10% to 12.5%.  The existing $2 million threshold and 10% rate will still apply for any contracts entered into before 1 July 2017...

Tax Changes From 1 July 2017

15/6/2017
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Budget 2017 Update GST On New Residential Purchases From 1 July 2018 the Federal Government will require all purchasers of new residential premises (new builds) to remit the GST component previously provided by developers/builders directly to the ATO as part of the property settlement process.Little is known of the changes other than what has been recently posted on the ATO website HERE AIC National along with various key industry stakeholders are conferring with the ATO tomorrow via a teleconference.The AICWA is deeply concerned...