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With effect from 1 July 2018, a new withholding regime for GST will require purchasers to withhold an amount from the purchase price for ‘new residential premises’ and for ‘potential residential land’ where the supply of those types of land is a taxable supply made by the vendor. This is the first instance, outside the reverse-charge rules under the A New Tax System (Goods and Services Tax) Act 1999 (the GST Act), where the recipient of a taxable supply has an obligation to remit the GST payable on a taxable supply to the Australian Taxation Office.
The new regime was legislated by Schedule 5 of Treasury Laws Amendment (2018 Measures No. 1) Act 2018 (the TLAA). This amends Schedule 1 of the Taxation Administration Act 1953 (Cth) by inserting new sections 14-250 and 14-255 and subject to the transitional rules as set out below.
This, in addition to the CGT withholding regime for non-residents, has introduced additional challenges for tax advisors and conveyances alike when advising and acting for purchasers and vendors in real property transactions covered by the regime.
The article below examines the key features of the new regime and how this will affect the drafting of the contract of sale.
Last week, the Full Federal Court (per Davies, Moshinsky and Steward JJ) handed down a decision in Moreton Resources Limited v Innovation and Science Australia  FCAFC 120.
With significant regulatory change coming into effect the spotlight is staying firmly on
culture, ethics and regulatory compliance. An organisation’s social licence to operate
remains a priority...
This brochure provides global investors a practical and quick overview about real estate investments in Australia, which includes answers to some of their commonly asked questions.