The Australian Tax Office requires all sellers to provide the Buyer with a certificate in respect of (foreign residents) Capital Gains Tax.
Failure to provide this clearance certificate (prior to settlement) will require the buyer to pay 12.5% of the purchase price to the ATO.
This payment may have flow on effects and the process to recover these funds from the ATO can be lengthy.
Completion and lodgement of the form with the ATO as early as practical is advisable as it can take up to 28 days to process. The form can be completed online on the ATO website.
Are you looking to sell your home in Queensland or Victoria? If so, don’t hesitate to reach out. Ownit provides seamless and stress free conveyancing to buyers and sellers!
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