26/05/2025
Effective from 1 January 2025 and impacting all Australian residents (for tax purposes) who are selling or disposing of real property!
Sellers must provide an ATO Clearance Certificate to the buyer at or prior to settlement. Failure to do so may result in the buyer being required to withhold 15% of the purchase price and pay it to the Australian Taxation Office (“ATO”). Don’t get caught out! ATO Clearance Certificates can take up to 28 days to be returned but are valid for up to 12 months.
BUYERS BE AWARE! If you fail to withhold and pay to the ATO any required amount, you may be liable for penalties and interest!
You can trust our law firm to ensure you comply with all your requirements as a seller or buyer during the course of your conveyance. Simply inform your real estate agent that you would like Gold Law Hervey Bay to act for you in your sale or purchase and let our office provide you quality legal assistance.
Disclaimer: As legislation and seller requirements are constantly evolving, this information is only valid at time this is posted, and additional legal advice should be obtained in relation to whether this advice suits you and your particular matter.