LCR 2018/D1 – Purchaser’s obligation to pay a GST ‘withholding’ amount on a taxable supply of newly constructed ‘residential premises’ and certain ‘potential residential land’ – draft Ruling on operation of new law
On 26.4.2018, the ATO issued a Draft Law Companion Ruling, on the operation of the newly passed laws, that implemented the ‘GST withholding’ provisions, for certain purchasers of newly constructed residential premises, or new subdivisions, to remit GST directly to the ATO. Treasury Laws Amendment (2018 Measures No 1) Act 2018 (the Amending Act),which received Royal Assent…