Sellers Of Property Over Two Million Dollars Take Note.
Sellers of properties will need to be aware of new legislation relating to the selling or properties with a value of more than two million dollars.
As of July 1 new tax laws will require sellers to get a clearance certificate from the ATO to complete their sale. If no certificate is provided then buyers will have to remit 10% of the sale price to the ATO and the balance of 90% to the vendor.
This legislation is designed to ensure that foreign investors meet their capital gains tax liabilities.
The certificates are reasonably easy to obtain from the ATO website. For further information you can view the link below to the ATO website.
If you would like to discuss how this may affect your sale please feel free to contact Todd Houghton or Gill Somers on
02 9925 1200