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
Share This Post
Archived Posts
- September 2021 (1)
- July 2021 (1)
- June 2021 (1)
- April 2021 (1)
- March 2021 (2)
- February 2021 (2)
- December 2020 (4)
- April 2019 (1)
- December 2018 (1)
- November 2018 (4)
- October 2018 (3)
- September 2018 (4)
- August 2018 (9)
- July 2018 (8)
- June 2018 (6)
- May 2018 (8)
- April 2018 (3)
- February 2017 (2)
- January 2017 (3)
- November 2016 (2)
- October 2016 (3)
- September 2016 (3)
- August 2016 (3)
- July 2016 (2)
- June 2016 (3)
- May 2016 (4)
- April 2016 (4)
- March 2016 (4)
- February 2016 (2)
- January 2016 (2)
- November 2015 (3)
- October 2015 (1)