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GST at settlement

GST at settlement

By Law Institute of Victoria

Real Property Settlements 

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The Law Council of Australia (LCA) has referred to the LIV a summary of key guidance material prepared by the Australian Taxation Office (ATO) in relation to the new GST at settlement measure, which commenced on 1 July 2018. This new regime requires purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the ATO as part of settlement.

The ATO advises the following in relation to its summary of key guidance material:

Law Companion Ruling

The final Law Companion Ruling LCR 2018/4 has been published.

Webpages

The following two new webpages have been developed:

Please note: the ATO advises that these pages were updated on 29 June 2018.

The following two webpages have been updated:

Please note: the ATO advises that these pages were updated on 19 June 2018.

The following webpages will be available shortly:

  • A guide for suppliers and their representatives
  • A guide for purchasers and their representatives

The ATO advises that the links to these guides will be available on the GST at settlement page.

How to pay

  • Information is available on how to pay.
  • GST property settlement payments cannot be paid at Australia Post until late September 2018 (automated payment slip with barcode).
  • A payment slip is available to be downloaded on how to pay and is to be included with the cheque when the withholding payment is made to the ATO.

Please note: the ATO advises that the how to pay options were updated on 29 June 2018.

Declaration

  • A purchaser can authorise a representative to submit the forms on their behalf by providing them a signed declaration.
  • Depending on the state or territory the property is located in, the purchaser's representative can include a conveyancer and solicitor.
  • Information and a sample of the declaration is available.

GST Property credits withholding account

Online viewability of the GST property credits withholding account  is scheduled for late September 2018.

Additional information

Feedback

The GST at settlement webpage will be open for consultation on Monday 9 July. If you have any feedback on this webpage look out for the link located at the bottom of the webpage to enable you to provide feedback.


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