Today Young Kim, ATO’s employee with Korean background joins SBS radio studio to explain about change to GST on property transations.
There are changes to GST on property transactions which require certain 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 notification can be part of the contract of sale or a separate notice.
This will change the way the GST is collected on these transactions as property developers will no longer collect the GST and then pay it to the ATO.
If you need more information or the validity of an ATO interaction, call the ATO Scam Hotline on 1800 008 540.
The changes apply to contracts entered into on or after 1 July 2018.
Go to ato.gov.au/GSTatsettlement to learn more about GST on property transaction
[The full story is available on the podcast above]
