Q. What happens if the GST Withholding sections are not completed correctly in the contract?
A. Buyers and sellers are required to provide the correct information to enable the GST Withholdings section to be completed. The buyer and seller can obtain the correct information required to complete the clause in the Contract from their Tax Professional. This section of the contract MUST be completed.
Q.If the GST Withholding section is not completed or if an old version of the contract is used does that mean the contract is not subject to the GST Withholdings Law?
A. No – ALL contracts dated after 1 July 2018 are subject to the new GST Withholding Law.