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There is a change happening for people selling property over $750,000 as of 1 July 2017 this is really important for people to know.
What the changes is, is the Australian Taxation Office has what they call a Clearance Certificate that will be required for anyone selling a property over $750,000. The reason for this is they are looking at way to stop tax avoidance from foreign nationals.
So the process behind this is, if you are selling a property over $750,000 you will have to apply to the ATO via their website is the best option at this stage – to complete a form to obtain the Clearance Certificate. If you don’t obtain this certificate prior to settlement, what will happen is the ATO will hold back 12.5% of the sale proceed until that clearance certificate can be provided. If you are looking to settle on a property over $750,000 after 1 July this is going to be really important to make sure you to have this in order.
My advice is to talk to your real estate agents, go on the ATO website or talk to your accounting. This is a major change and it comes in to affect 1 July 2017. If you would like to know more about this please get in contact with us on 9841 4022.