From 1 July 2018 the GST Withholding Regime requires purchasers of new residential premises and potential residential land to withhold a GST component (1/11th or 7-9% if the margin scheme applies) from the purchase price and remit it directly to the ATO. New residential premises are defined as property that has not previously been sold as residential property or […]
GST Withholding Regime commenced on 1 July 2018 Read More »
Just another reason to stay home! A “vacant residential land tax” applies from 1 January 2018 to homes in inner and middle Melbourne that were unoccupied for in excess of 6 months in the preceding calendar year. The new tax is in addition to land tax, the absentee owner surcharge, and the federal annual vacancy
Vacant residential land tax applies from 1 January 2018 Read More »
STAMP DUTY Spouse/Domestic partner Transfers of Real Estate From 1 July 2017, the stamp duty exemption for transfers between spouses/domestic partners will no longer apply to transfers of investment or commercial properties between spouses/domestic partners. The exemption will still apply for the transfer between spouses/domestic partners of a principal place of residence. The exemption will
Stamp Duty & Land Tax Changes – 1 July 2017 Read More »
On 9 May 2017 the Federal Government announced proposed changes to the foreign resident capital gains withholding payments (FRCGW) threshold and withholding rate. 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 (previously $2 million) the FRCGW withholding tax rate will be 12.5% (previously
Changes to Foreign Resident Capital Gains Withholding Payments Read More »
The new withholding regime applies to contracts entered into on or after 1 July 2016. The regime imposes an obligation on a purchaser who purchases certain types of Australian assets with a market value of at least $2 million from foreign residents to collect and remit 10% of the purchase price to the Australian Taxation
Foreign Resident Capital Gains Withholding Payments Read More »
