Landgate (WA Land Title OFfice) force PEXA use; Electronic lodgement of stand-alone Mortgages and Discharges of Mortgages will be effective 1 August 2016
On 4 April 2016 a letter was distributed to industry bodies and Customer Information Bulletin (CIB) recipients. This letter notified Landgate’s intention to introduce changes to the lodgement process for mortgages and discharges of mortgages that will affect mortgagees, their conveyancers, lawyers and lodging agents by 1 August 2016.
Industry bodies and CIB subscribers were invited to provide feedback on the changes. The timeframe for receiving feedback has now ended. This CIB is to notify that Landgate will be progressing activities to achieve the 1 August 2016 timeline.
FOREIGN RESIDENT CAPITAL GAINS - WITHHOLDING OBLIGATIONS BRIEF FOR REAL ESTATE &/ SETTLEMENT AGENTS- AFFECTS ALL REAL PROPERTY TRANSACTIONS $2 MILLION OR MORE INCLUDING AGGREGATED DEALS
Legislation will take effect as of July 1st 2016 requiring that ALL real property transactions over $2m be assessed to determine what (if any) Capital Gains Tax (CGT) liability exists.
There are many different scenarios which include multiple buyers or sellers and variations to the amount held.
In circumstances where there are multiple buyers (ie. A farmer has sold his farm off in separate lots) but the aggregated market value is over $2 million, the Seller will be required to provide a clearance certificate. If not each Buyer must withhold in proportion to their percentage of the total purchase price.
More information on this can be found on the ATO website at the following links:
https://www.ato.gov.au/…/js36800_Foreign%20residents%20fact… or https://goo.gl/TFkD3t
https://www.ato.gov.au/…/foreign-resident-capital-gains-wi…/ or https://goo.gl/1Y01VE
https://www.ato.gov.au/…/foreign-resident-capital-gains-wi…/ or https://goo.gl/GYzmuA
https://www.ato.gov.au/…/Foreign-resident-capital-gains-wi…/ or https://goo.gl/2GC9o2
https://www.ato.gov.au/…/Foreign-resident-capital-gains-wi…/ or https://goo.gl/EFtGIZ
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