GST withholding obligation for residential property purchasers - 20 February 2018

Article

GST withholding obligation for residential property purchasers - 20 February 2018

Tax insights

The Government has introduced amendments into Parliament to require purchasers of affected new residential premises or residential land in new subdivisions to withhold on account of GST and pay that amount to the ATO as part of the settlement process. As well as also imposing several new obligations on property vendors, this measure will give rise to short-term funding implications for vendors, and will impact financiers and developers entering into development agreements with property owners (where the developer fee is calculated on the amount received by the vendor).

 

Published: February 2018

GST withholding obligation for residential property purchasers - 20 February 2018
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