On 1st July 2016 the ATO will introduce a new witholding tax regime for the sale of property.
On 1st July 2016 the Australian Taxation Office will introduce a new withholding tax regime for the sale of property. The new legislation means any Vendor selling a property worth over $2 million will be required to attain a clearance certificate or the Purchaser will be required to withhold a 10% tax from the purchase price. The REINSW has provided a succinct summary of the new law here. However, for full details refer directly to the ATO here.
The impact this will have on the Upper North Shore property market remains to be seen. However, given many of the suburbs in Ku-ring-gai have an average house sale price of over $2 million, certainly a significant proportion of transactions in the area will be affected.
Feel free to contact me further should you have any general queries you wish to discuss about this matter.
by Josh Luschwitz in Buying
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