Is it important to complete the GST Withholding Obligations section of the Contract?
Yes. Following the introduction of the Australian Taxation Office Withholding Laws it is extremely important for both Buyers and Sellers of property that this information is correctly completed in the Contract. Financial penalties may apply to both Buyers and Sellers where the withholding has failed to be done when required or where the amount withheld is incorrect. We recommend that prior to completing this section of the Contract that both Buyers and Sellers speak to their Accountant or Income Tax Professional to obtain advice.
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To learn more about Foreign Buyer Approval today, contact Ownit Conveyancing on 1300 553 750.