Some members may be required to pay GST on certain property transactions.
For example, on or after 1 July 2018, if you purchase new residential premises or potential residential land, you may be required to withhold an amount from the price of the supply and pay it to the Australian Taxation Office.
The ATO has made available two new online forms (settlement withholding notification and settlement date confirmation) that need to be completed.
You may incur penalties if you don't pay the required withholding amount to the ATO.
Further information can be found at the ATO website. The forms themselves can be found here.
The ATO is holding a webinar at 2pm on Thursday 6 September to help you understand the process for the new forms. If you'd like to participate in the webinar, you can register here.
Please note: The information presented in this update is not intended to infer tax advice. The Chamber has members who are registered tax agents if you require specialist advice.