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  • GST at settlement – update to forms

    When purchasing new residential property or potential residential land, you may notice we are updating the two GST at settlement forms.

    We are also updating the emails we send once the forms are lodged. Remember to keep these emails for your records as they include your payment reference number (PRN) and the supplier's Australian business number (ABN).

    These improvements will help streamline form processing and reconciliation.

    Form one: GST property settlement withholding notification

    This form advises us that a contract has been entered into and there's a withholding obligation. It also advises the supplier details, which is where GST property credits are allocated.

    Changes to the form include:

    • contact details – we have added a section for the business name of the purchaser's representative
    • properties and transaction details – you can now add in up to 10 properties within the same property contract
    • supplier details – you can now  
      • include the name of the supplier's representative in case we need to contact them
      • add the supplier's GST branching number (if known) to ensure GST credits get to the right branch in a timely manner.
       

    Form two: GST property settlement date confirmation

    This form confirms that settlement has occurred or when the first instalment under an instalment contract is made.

    Changes to the form include:

    • contact details – we have added a section for the business name of the purchaser's representative
    • transaction details  
      • we have removed the withholding amount (to avoid confusion with the withholding amount on Form one) to avoid unnecessary processing delays
      • the form can't be lodged more than two business days before settlement.

    See also:

    Last modified: 20 Sep 2019QC 60071