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  • GST at settlement processing delays

    Since December, we have seen an increase in errors made relating to Form two: GST property settlement date confirmation. Errors are causing delays for:

    • suppliers receiving their GST property credits
    • purchasers receiving their payment confirmation email.

    To prevent delays:

    • always lodge Form two to confirm all settlements where your purchaser client has a withholding obligation. This form records their withholding liability against their account. When Form two and payment are received at settlement, the credit for the withheld amount is allocated to the supplier's GST property credits account and the purchaser will receive their payment confirmation email.
    • do not lodge multiple Form twos. Phone us on 13 28 66 (Fast Key Code 3 4) to cancel Form two if you have lodged more than one, or if a change is required. After the form is cancelled, lodge a new Form two if required. If payment was made when the incorrect Form two was lodged, it will match up with the new Form two.

    Errors with Form twos cause delays as they prevent our automated process occurring. It means payments are suspended until we manually process the transactions.

    Watch:

    Media: GST at settlement process
    http://tv.ato.gov.au/ato-tv/media?v=bd1bdiunw5u8wb (Duration: 2:31)

    See also:

    Last modified: 21 Jan 2020QC 61153