Knowing the GST-related changes to property transactions from July 1, 2018, the federal government has shifted responsibility for paying GST on some of these transactions from home. Develop real estate to buyers.
New law requires buyers of residential property or land that is likely to become residential to pay GST directly to the ATO.
The GST rate is unchanged, only the person required to pay the GST to the Tax Office changes. Now the buyer must pay GST directly to the Tax Office instead of paying this tax to developers as part of their purchase.
Today's monthly tax program, in collaboration with Ms. Wendy Wang, Australian Tax Officer, works in Sydney.
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