New rules apply to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. A 10% non-final withholding will be applied to these transactions at settlement.
Australian resident vendors selling real property will need to obtain a clearance certificate from the ATO prior to settlement, to ensure they don’t incur the 10% non-final withholding.
If you are buying or selling property and a foreign resident party is involved in the transaction, talk to Burns Sieber to ensure you meet your tax obligations in relation to this transaction.
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