Categories for Conditions

Property withholding rules explained

17/7/2017
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Some quick facts you need to know: All contracts of sale signed on or after July 1st 2017 where the consideration value is greater than or equal to $750k require a Clearance Certificate issued by the ATO. Failure to obtain a Clearance Certificate will require the purchaser’s agent (Conveyancer) to retain 12.5% of the sale price at settlement and remit funds to the ATO on the day of or shortly after settlement. General interest charge may be imposed on amounts...

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...

What do I do: Issues discovered at final inspection?

23/5/2017
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Immanent Settlement; Have you discovered an issue, like damage or some defect that IS covered under your contract at the final inspection?After recommending Legal Advice (since we are not lawyers). Often the quickest & cleanest way forward with a pending settlement is to arrange a “Payment in lieu” variation. Something along the lines of; “Seller:Buyer:Property address:Contract dated:______________________________________________________ The Seller and Buyer AGREE to vary the Contract as follows:- The Buyer accepts the listed item(s) {list or see attached} as discovered...