3 July 2018
Purchasers of new residential premises or potential residential land now have to pay the GST directly to us as part of the settlement.
These changes started on 1 July 2018.
The amount of GST hasn't changed, just who is required to pay the GST to us. You now pay the GST directly to us instead of paying it to the developer as part of the purchase price.
You won't have to register for GST to make this payment to us.
When you make a payment ensure you include your payment reference number. Payments will be accepted at Australia Post offices later this year.
Property developers will need to give written notification to you when you need to withhold an amount for GST.
Media: [GST withholding for certain taxable sales of property]http://tv.ato.gov.au/ato-tv/media?v=bd1bdiunr9g59cExternal Link (Duration: 00:35)
Find out about:
Related news items
Sign up today to learn how to manage tax and super for your business.
Find out how GST applies to your property transactions.
Registered tax and BAS agents can help your business thrive.