Categories for Seller

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...

GST Remittance – Withholding weighted on Buyer

17/5/2018
Written by

On or after 1 July 2018, certain purchasers of new residential premises or potential residential land will be required to withhold an amount from the price of the supply for payment to us. Note: When we refer to purchasers we are also referring to lessees under long-term leases. The withholding amount is due on or before the day that consideration for the supply (other than a deposit) is first provided. If the contract is an instalment contract that will be...

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...

Subdivided lot concession-Land Tax Assessment Act 2002

26/9/2017
Written by

Section 43A of the Land Tax Assessment Act 2002provides a concession for the amount of land tax payable on subdivided lots owned at 30 June each year.This concession allows subdividers to pay land tax and metropolitan region improvement tax on the lower undeveloped or englobo value of land holdings, rather than the full subdivided value of lots, for one year after the creation of the lots. The unimproved value of each subdivided lot still held at 30 June immediately preceding the...

SCAM ALERT – Did that person, really send you that?

19/9/2017
Written by

In what is suspected to be a “man in the middle scam”, funds were unwittingly deposited by a purchaser into an east coast bank account in the lead up to a settlement and then transferred by the scammers to an overseas account resulting in a significant loss of $557,000. Typically, this type of scam will occur when the contents of person’s private emails are accessed and details of future financial transactions are seized upon by scammers. Victims will be contacted...

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...