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Notes Online Home 2018 Tax Schools Day 2 Major income tax and GST developments for property in 2018
New GST withholding rules for taxpayers buying from property developers
In this segment of the notes we discuss new GST withholding rules for taxpayers buying from property developers by exploring the following questions and headings:
- What properties will be subject to the new GST withholding measures?
- What is the commencement date of the new withholding measures?
- How much is a purchaser required to withhold under these measures?
- How does a purchaser remit the GST to the ATO and when does payment need to be made?
- What penalties apply if the purchaser fails to remit the GST to the ATO?
- Common questions associated with the new GST withholding and notification measures
- Checklist of important issues to consider when purchasing a property from a developer