Categories for Reform

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

27/4/2018
Written by

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 – buyer of newly constructed homes & new subdivision properties.

25/1/2018
Written by

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...

Verified ID to include Buyers & Caveats starting 28/8/17

22/8/2017
Written by

All parties of a Landgate Transfer or Caveat (including withdrawal) documents will need to have verified ID starting 28 August 2017 but in full compliance by 28 February 2018. Self represented parties Verified ID will have an increased cost to consider from 28/8/17. bulletin_no_299.pdf Download File Change to Registrar and Commissioner of Titles’ Joint Practice: Verification of Identity and Authority – fraud mitigationAs foreshadowed and as part of their fraud mitigation strategy, the Western Australian Commissioner of Titles and the...

Impact on property sales of $750,000 or more

23/6/2017
Written by

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...

Foreign Investment change

9/6/2017
Written by

New Charge for Foreign Owners for Empty Properties Foreign persons who apply for approval to purchase residential property after 9 May 2017 will face a new annual vacancy charge to be imposed if the property is not occupied for at least six months per year.The charge will be levied annually and will be equivalent to the purchase application fee imposed at the time the property was acquired by the foreign investor.Details of the new charge can be viewed HERE FIRB approval for sale of...

Developers take heed. Update to changes to the Sale of Land Act- means some extra protection for buyers, where property is not yet owned by the developer.

4/5/2017
Written by

Update to e-Bulletin Issue #66On 3 April 2017, the Sale of Land Amendment Act 2016 (the Act) came into effect in Western Australia.  The legislation introduces greater protections for consumers when signing sales contracts for land that is not yet owned by the developer.  Landgate have now clarified and updated information that was previously communicated which also includes variation to the Approved form of the statutory warning that must be used.  This e-Bulletin replaces issue 66 Changes to the Sale of Land Act – what...