Buying Residential Premises or Land?

Expert Taxation Consulting services in Sydney Australia
November 28, 2018
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Buying Residential Premises or Land?

If you buy new residential premises or potential residential land, you now have to pay the GST directly to ATO 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 it to ATO. Instead of paying GST to the developer / builder as part of the purchase price you now pay it directly to ATO.

Property developers should let you know in writing when you need to withhold GST and pay it to ATO.

You won’t have to register for GST to make this payment to ATO.

This payment can be made through a number of payment options, including in person at Australia Post. Please consult your Tax Agent or Solicitor whether these provisions are applicable to your purchase.

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