The Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 was passed on 29 March. Under Schedule 5 of the Bill, purchasers of real estate may be required to withhold GST on the purchase price of new residential premises and new residential subdivisions and remit the GST directly to the ATO on settlement.
Generally, these new rules apply to contracts entered into on or after 1 July 2018.It does not affect the sales of existing residential properties or the sales of new or existing commercial properties.
The AICWA has teamed up with the ATO to deliver 4 FREE information sessions exclusively for its members. A post session transcript wrap-up as well as a video will be circulated to any AICWA members unable to attend.
For impacted property transactions:
Source:4th May 2018 AICWA e-Newsletter
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