New Capital Gains Tax (CGT) withholding regime from 1 July 2016

turned_in_notBuying, Conveyancing, Investing, Property, Selling

From 1 July 2016, purchasers who enter into a Contract for the sale of an interest in Australian land with a market value of $2 million or more will be required to withhold and pay 10% of the purchase price to the Australian Taxation Office (ATO) on account of the seller’s potential CGT liability unless the seller obtains a clearance certificate from the ATO and provides it to the purchaser on or before settlement.

Call (07) 4944 2000