News

Changes to Capital Gains Tax

By Melissah Douglas
Changes to Capital Gains Tax (CGT) withholding regime
From 1 July 2016, new requirements were imposed on property buyers (including some buying an option) under the Tax and Superannuation Laws Amendment (2015 Measures No. 6) Act 2016 (Cth). These requirements are changing on 1 July, 2017.
The requirement means that unless a vendor demonstrates it is not a foreign resident then the purchaser must withhold and pay to the ATO the withholding amount.
From 1 July 2017, ALL buyers of Australian real estate, valued at $750k or over, MUST retain 12.5% of the purchase price and pay this amount as withholding tax to the ATO UNLESS the seller produces an ATO clearance certificate or a variation notice prior to settlement.
The $2m and 10% threshold will apply to contracts entered before 1 July 2017, regardless of when they settle.
Up to Date

Latest News

  • A Little Ray Of Giving

    The Christmas decorations are up in the streets, the Christmas carols are playing in the shops…it is definitely beginning to look a lot like Christmas. A Little Ray Of Giving is back for its 4th year at Ray White Balgowlah and we are aiming to donate 100 gifts this year. … Read more

    Read Full Post

  • Get your green on!

    Indoor plants have fast become the feature in homes. Why do we love them? They feel fresh and clean, it brings the outdoors inside & brings a sense of calm in a home. Read more on our blog & get your green on! https://www.raywhite.com/blog/get-your-green-on/

    Read Full Post