The GST on property transactions measure has been introduced, as schedule 5 to the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018.
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 on the purchase price directly to the ATO as part of Settlement for contracts on or after July 1, 2018.
You can access the legislation as introduced along with the explanatory materials by following this link HERE.
Debate and passage is likely to occur within the current Autumn Sittings, which would allow for legislation to be in place before the 1 July 2018.
The AICWA is mindful that time is fast approaching to deliver much needed training. Until greater certainty of what is being proposed is known AICWA will continue to provide updates where appropriate and look to assist with the delivery of info sessions in the near future.
AIC National via its representation on the ECG is working with various key stakeholders to raise awareness of the following concerning issues:
A number of changes have been made as a response to the consultations, including:
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