Are you selling a property over $750,000 AUD?
FROM July 1, Australian homeowners offering properties above $750,000 will be required to obtain a clearance certificate from the Australian Taxation Office (ATO) to prove they are not foreign residents before they sell.
New changes to the capital gains tax for foreign residents, which were announced in the May budget, will also see the withholding rate increased to 12.5 per cent.
Here at GMD we have assisted numerous clients with obtaining their clearance certificiate. Should you be the vendor selling a property for $750,000 or greater ensure you notify your GMD team member so they can assist with a smooth settlement process.