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Corsers Lawyers
Adelaide Commercial Property and Migration Lawyers and Conveyancers
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08 8223 6788

  • Home
  • About
    • About Us
    • Testimonials
  • Legal Services
    • Adelaide Conveyancer and Lawyer: Commercial and Residential Conveyancing
    • Real Estate Practice and Law for Agents
    • Wills, Estates and Asset Protection Lawyers
    • Probate and Letters of Administration
    • Dispute Resolution and Litigation
    • Visa Applications
    • Visa And Citizenship Appeal
  • Forms
  • News
  • Contact

Foreign Land Ownership Changes

27/07/2016

From 1 July 2016 all Contracts of Sale of land and other businesses in Australia for more than $2m are subject to new rules about foreign investor CGT (capital gains tax) Withholding Regime.

All vendors whether foreigners or not will be required to have a clearance from the ATO.

How will this affect Visa holders ?

This means for visa holders and non residents that any sale will have 10% of the sale funds withheld by the ATO until tax returns are lodged relating to the sales and a clearance given.

See attached ATO guide. All agents should read and consider this material. Unless a clearance issued by the ATO is supplied the Purchaser will by law hold 10% and pay to the tax office.

For more information:

https://www.ato.gov.au/general/capital-gains-tax/in-detail/calculating-a-capital-gain-or-loss/foreign-resident-capital-gains-withholding/

LATEST NEWS
  • What should I do: Use an Extension or do a Subsequent Agency?
    27/07/2016
  • Foreign Land Ownership Changes
    27/07/2016
Address:

Corsers is located at:
Level 4, 122 Pirie Street
Adelaide SA 5000, Australia

Mail:

GPO Box 1888
Adelaide SA 5001, Australia

Contact:

t: +61 8 8223 6788
f: +61 8 8490 2380
e: corsers@corsers.net.au

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