There are changes to GST on property transactions. This will change the way the GST is collected, ATO has not made any changes to the amount of GST charged.
Purchasers of new residential premises or potential residential land to pay the GST amount directly to the ATO.
Property developers are required to give written notification to purchasers when they need to withhold an amount for GST.
The liability for the GST remains with property developers.
The changes apply to contracts entered into on or after 1 July 2018.
