Categories for New Type

More Paper Forms for Buyers to complete post 1/1/19

19/12/2018
Written by

Foreign Buyers DutyFor transactions executed on or after 1 January 2019, an additional 7% duty will be chargeable on the dutiable value of certain acquisitions of residential property by foreign buyers.Each person acquiring land in Western Australia must complete a foreign buyers declaration form HERE declaring whether they are a foreign person.The Online Duties system will be modified to allow self-assessment of most dutiable transactions that are chargeable with foreign buyers duty.Residential property For the purposes of the foreign buyers duty, residential property...

Foreign Buyers Duty Surcharge

10/10/2018
Written by

CIRCULAR 17 DUTIES ACT 2008 Foreign Buyers Duty The Duties Amendment (Additional Duty for Foreign Persons) Bill 2018 (‘the Bill’) was second read into Parliament on 13 June 2018. The Bill operates to amend the Duties Act 2008 (‘Duties Act’) to impose additional duty on certain transactions involving foreign persons or entities acquiring residential property in Western Australia.These amendments are subject to the passing of the Bill by Parliament and the granting of Royal Assent. The changes are proposed to come into effect on 1 January...

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

2/9/2018
Written by

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 and Residential contract

8/6/2018
Written by

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...

Australians must establish new PayID on the New Payments Platform to speed up transactions

2/6/2018
Written by

SPEED up your banking and transfer money using an email, phone number or ABN. Here’s how to get started. BANK customers will need to set up a PayID as a matter of urgency, to stay up to date with new technology set to arrive in Australia.In the coming weeks financial institutions around the country will start pushing out the highly-anticipated New Payments Platform (NPP), which will deliver 24-hour, seven-day-a-week, instant transfers.It means consumers will no longer need to share their...

Sympli-New e-Settlement Platform on the horizon

31/5/2018
Written by

Sympli – New e-Settlement Platform on the horizonInfoTrack and the ASX Limited have announced the establishment of Sympli, an alternative electronic settlement platform. The new platform is expected to roll out later this year once it has received regulatory approval.For further information see:Today’s press releaseSympli website