New GST-Withholding rules start 1 July 2018

New GST-Withholding rules start 1 July 2018

New GST-Withholding rules start 1 July 2018

Earlier this year the Federal Government passed legislation requiring purchasers of new residential premises and potential new land to withhold the goods and services tax (GST) on the contract price at settlement and pay it directly to the Australian Tax Office (ATO).

Originally announced as part of last years Federal Budget, this reform is designed to improve the integrity of GST on property transactions, and to assist with recovering significant GST missed as a resulting of phoenix activity.

Click here to learn about the key requirements