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Foreign resident tax withholding payments

Foreign resident tax withholding payments

By LIV Media

ATO Conveyancing Obligations 

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We refer to the Tax and Superannuation Laws Amendment (2015 Measures No 6) Act 2015 (the Act) which applies to contracts made on or after 1 July 2016. The Act introduces a new foreign resident tax withholding payment regime (tax measure).

The Law Council of Australia, together with the Law Society of New South Wales and the Law Institute of Victoria, do not oppose the overall objective of the regime, which is to ensure the payment of capital gains tax by foreign residents. However, the tax measure will have a broad impact across legal practice and the wider business community. The initiative will generate uncertainty, delays and a significant administrative burden for Australians who purchase Australian property from foreign interests and Australians who purchase real estate with a market value of $2 million or more.

View the submission (PDF)

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