The settlement process when selling or buying real property or interests in real property in Australia has changed. The purpose of these changes is to assist the Australian Taxation Office with the collection of capital gains tax from foreign residents.
These changes took effect on and from 1 July 2016 and could affect anyone selling or buying property in Australia.
To find out more, read the Legal Update ATO and Foreign Resident Capital Gains Withholding Tax – Changes every person needs to know when selling or buying property in Australia by Senior Associate Kellie Cook by clicking on the link above.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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