Critical GST Changes to Residential Property Sales

    View Author May 2018

    From 1 July 2018, purchasers of most newly constructed residential properties and residential land subdivisions will withhold the goods and services tax (GST) component from the sale price and remit that GST directly to the Australian Tax Offce (ATO) as part of the settlement process under new rules given effect through the Treasury Laws Amendment (2018 Measures No. 1) Act 2018. The changes also impose obligations on vendors to notify purchasers of certain GST information to allow them to comply with their withholding obligations.