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SD Conveyancing

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25.01.2022 Capital gains withholding: Impacts on foreign and Australian residents New rules apply to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. A 10% non-final withholding will be applied to these transactions at settlement. Proposed change... On 9 May 2017 the government announced proposed changes to the foreign resident capital gains withholding (FRCGW) threshold and withholding rate. The changes will apply to contracts entered into on or after 1 July 2017: for real property disposals where the contract price is $750,000 and above (currently $2 million) the FRCGW withholding tax rate will be 12.5% (currently 10%). The existing threshold and rate will apply for any contracts that are entered into before 1 July 2017, even if they are not due to settle until after 1 July 2017. Please consider these proposed changes when referring to information on this webpage. Background Australian resident vendors selling real property will need to obtain a clearance certificate from us prior to settlement, to ensure they don't incur the 10% non-final withholding. This existing withholding legislation assists the collection of foreign residents’ Australian tax liabilities. It imposes an obligation on purchasers to withhold 10% of the purchase price and pay it to us, where a vendor enters into a contract on or after 1 July 2016 and disposes of certain asset types (or receives a lease premium for the grant of a lease over Australian real property). The foreign resident vendor must lodge a tax return at the end of the financial year, declaring their Australian assessable income, including any capital gain from the disposal of the asset. A tax file number (TFN) is required to lodge a tax return; they will need to apply for a TFN if they don't have one. The vendor may claim a credit for any withholding amount paid to us in their tax return. Australian resident vendors can avoid the 10% withholding by providing one of the following to the purchaser prior to settlement for Australian real property, a clearance certificate obtained from the ATO for other asset types, a vendor declaration they are not a foreign resident. Foreign resident vendors may apply for a variation of the withholding rate or make a declaration that a membership interest is not an indirect Australian real property interest and therefore not subject to withholding. Purchasers must pay the amount withheld at settlement to the Commissioner of Taxation. For more info please visit... https://www.ato.gov.au//Capital-gains-withholding--Impact/

22.01.2022 https://propertysolicit.com.au/view-testimonials/

21.01.2022 Book for a free appointment and consultation with us

21.01.2022 Wishing all my family and friends a very happy and prosperous Diwali! Let’s all enjoy this wonderful and colourful festival to forget the challenging year we had so far..... Have a blessed day . ... Seema & Family See more

20.01.2022 Wishing all my friends and family a very happy and a prosperous Diwali

19.01.2022 Stamp duty changes for first home buyers 26 July 2020 NSW Government announces transfer (stamp) duty changes for first home buyers The NSW Government has today announced that the threshold above which transfer (stamp) duty is charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.... The transfer (stamp) duty threshold on vacant land will also rise from $350,000 to $400,000 and will phase out at $500,000. The new transfer (stamp) duty threshold will be in place for 12 months and will apply to contracts executed from 1 August 2020 to 31 July 2021. The changes are part of the NSW Government’s COVID-19 Recovery Plan and will support the property and construction industry, which employs one in four people in NSW and is essential to keeping jobs and investment in the state. To be eligible for an exemption or reduction in the amount of duty payable you will need to be a first home buyer who purchases a new home or a vacant block of land on which you intend to build a new home. For the full exemption to apply, the value of the new home must be no more than $800,000 and the value of a vacant block of residential land must be no more than $400,000. A concessional rate of duty will apply to homes valued more than $800,000 but less than $1,000,000 and vacant block of land valued more than $400,000 and less than $500,000. For more information, visit the NSW Treasury website.

19.01.2022 Another rate cut by RBA! https://www.rba.gov.au/media-releases/2019/mr-19-27.html

18.01.2022 Property updates...

07.01.2022 More info on capital gains withholding for Australians and foreign residents. Please visit the link below for more info... www.ato.gov.au//Foreign-resident-capital-gains-withholdin/

06.01.2022 Wishing my dear family and friends a very happy and a prosperous New YearWishing my dear family and friends a very happy and a prosperous New Year

04.01.2022 land tax surcharge... http://www.osr.nsw.gov.au/taxes/land-tax-surcharge