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  • GST at settlement – getting the forms right

    Only purchasers of new residential premises or potential residential land (or their representatives) need to complete and lodge the two GST at settlement online forms to the ATO.

    If there is a withholding obligation, purchasers need to withhold the GST and pay it at settlement – details should be in a written notification from the supplier (vendor).

    Property settlement forms

    Complete and lodge:

    1. Form one: GST property settlement withholding notification
    1. Form two: GST property settlement date confirmation

    We use the details in these forms to identify the supplier in our systems and issue a GST property credit after they lodge their business activity statement (BAS).

    When to pay

    Use the correct payment reference number (PRN) received after lodging Form one.

    • Under a standard land contract, you need to pay the withheld GST on the day of settlement.
    • In an instalment contract, payment is due at the time the first instalment (other than a deposit) is paid.

    Tips

    • The contract should state if an amount is required to be withheld and paid to us at settlement.
    • If you engage a representative you need to complete a signed declaration so they can lodge the two forms on your behalf.
    • If you purchase multiple properties, lodge a new form for each property transaction.

    See also:

    Last modified: 17 May 2019QC 58942