Categories for GST

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...

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...

Changes to REIWA General Conditions in 2018

21/2/2018
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Some highlighted changes to the 2018 version of Joint Form of General Conditions (JFGC), might mean that you could see some differences to the 2011 JFGC. Please note, we are not lawyers and are merely relaying some discussions as generically covered in an industry forum. The biggest concern was the ‘Lawyers picnic’ referenced as clause 9.3, where opposing lawyers could argue just about any outcome they desired, for a breach of warranty. Service by email still needed to be ‘signed’...

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...