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GST withholding regime starts July 1

GST withholding regime starts July 1

By Karin Derkley

Real Property Taxation 

From 1 July, the GST withholding regime begins where purchasers of new residential premises and potential residential land will have to pay the GST component of the purchase price directly to the Australian Tax Office (ATO). Practitioners will need to familiarise themselves with the changes in order to discharge their clients' obligations and avoid penalties for non-compliance, ATO Assistant Commissioner, GST Product Leadership and Program Assurance Branch, Kelly Canavan told a LIV seminar this week to introduce the new system.

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