28 11 2017

Buyer Beware: Proposed GST withholding on Buyers of New Residential Property and Land

An Exposure Draft of legislation has been released signaling the Government intent that from 1 July 2018, Purchasers of new residential premises or potential residential land purchased in a GST taxable supply will be required to withhold and pay the Australian Taxation Office (ATO) 1/11th of the purchase price.