Current news from our news service

Hot Issues
spacer
Access to more resources and tools than most websites.
spacer
Tax Return Mistakes
spacer
SMSF advice appetite strong, says ASIC
spacer
Taxpayers confused by Scott Morrison’s $1,080 tax refund
spacer
Common STP set-up mistakes - ATO
spacer
Proposal to hold directors liable for GST set to pierce corporate veil
spacer
September 2019 - vital statistics for Australia
spacer
Tax Commissioner wants to turn black economy to ‘lighter shade of grey’
spacer
Changes to the Private Health Insurance Statement
spacer
Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
spacer
Downsizer Super Contribution
spacer
Tax payers to receive beefed up tax returns.
spacer
10 top global corporations since 1998
spacer
Catch-up Contributions
spacer
Life Insurance
spacer
Community tip-offs trigger ATO visits
spacer
Australia at a glance
spacer
2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
spacer
Small business clients need to be ready for STP by 30 September
spacer
Big four firm outlines new financial year checklist for SMSFs
spacer
Alert - Online Share Accommodation
spacer
ATO flashes warning over $7.2bn car expenses claims
spacer
Vital statistics for our great nation.
spacer
3 out of 4 tax dob-ins are about business
spacer
Tax on compensation received for inappropriate advice
spacer
‘Extra care’ crucial in avoiding ATO spotlight this tax time
spacer
ATO clears up FAQs about Single Touch Payroll
spacer
GST reporting: common errors and how to correct them
Article archive
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 2 of, 2016 archive
spacer
Reminder – Salary and Wages PAYG Shortfall
spacer
$20,000 Asset Write Off Reminder
spacer
Danger for buyers of Australian property of $2 million plus
spacer
Budget 2016-17
spacer
FBT Time
spacer
Fringe Benefits Tax – Company Holiday Home
spacer
Fringe Benefits Tax – Nil
spacer
Estate Planning - early inheritance
spacer
ATO issues SMSF tax warning
spacer
ATO seeks to dispel LRBA panic
spacer
Financial tools your family and friends can use.
spacer
$20,000 Asset Write Off Reminder
spacer
Tax office issues warning on imminent rule change
spacer
Age Pension means-test prevents rational decision-making
spacer
Locking Up Bank Accounts
spacer
ATO figures show property investors missing out on tax breaks
Danger for buyers of Australian property of $2 million plus

 

In the Tax and Superannuation Laws Amendment (2015 Measures No 6) Act, the government introduces a new withholding obligation on the purchasers of certain Australian assets.

           

 

From 1 July 2016, a purchaser of certain CGT assets will need to withhold 10% of the purchase price and remit it to the Commissioner of Taxation if the seller does not provide a “clearance certificate” from the Commissioner.  The Commissioner will only give such a certificate if the seller is an Australian tax resident.

This withholding is not a final withholding tax, so the seller will still need to include any capital gain in his or her tax return and claim a credit for the amount withheld.

The assets to which this withholding applies are where the asset is valued at $2 million or more, irrespective of what it is sold for, and the asset is taxable Australian real property, or an indirect interest in Australian real property.

Until the Australian Taxation Office implement a process to obtain clearances, this will be an administrative nightmare.

Where a withholding obligation exists, the purchaser must withhold the relevant amount at settlement and pay it to the Commissioner.

The penalty for failing to withhold is equal to the amount that was required to be withheld.

When an amount is withheld, the purchaser is required to complete this online form and provide details of the vendor, purchaser and the asset being acquired.

Conveyancing lawyers will need extra time to satisfy these requirements on your behalf.

site By PlannerWeb