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GST withholding at settlement

GST withholding at settlement

By David P Lloyd and Murray McCutcheon

Real Property Taxation 

In the March 2018 LIJ the authors’ article explained how the new GST withholding regime is intended to operate.1 In summary, the applicable legislation applies to certain real estate transactions and:
makes the purchaser responsible for paying the Commissioner of Taxation (Commissioner) up to 1/11th of the sale price where the property is generally *new residential premises2 or *potential residential land
requires the vendor to give a notice to the purchaser of all residential premises whether new or old and whether or not the vendor is registered for GST.
There are exceptions to both scenarios which are discussed in this article and the March 2018 article.

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