From 1 July 2018, purchasers of new residential premises or potential residential land are required to withhold an amount of the contract price and pay this directly to the ATO as part of the settlement process.
The ATO has released instructions on how to complete the new GST property settlement forms. Purchasers of new residential premises or potential residential land who are required to withhold part of the purchase price for payment to the ATO must submit the following online forms:
- form one is the GST property settlement withholding notification;
- form two is the GST property settlement date confirmation.
FJM 1.7.18