Foreign resident capital gains withholding payments – impacts on foreign and Australian residents

Pursuant to new rules for vendor disposing of certain taxable Australian property, a vendor will be required to provide a Foreign resident capital gains withholding clearance certificate for contracts entered into on or after 1 July 2017 for a sold price $750,000.

Purchasers are required to withhold 12.5% of the purchase price in transaction of taxable Australia real property with a marked value of $750,000 or more, unless the vendor shows the purchaser a clearance certificate from the ATO.

At The Norton Law Group, we will provide you with all necessary information for obtaining a Foreign resident capital gains withholding clearance certificate and if you require assistance, we are happy for you to come into our office to complete an application with our staff.

If you are thinking about selling your property which is valued over $750,000 and need conveyancing services or are looking for a quote on conveyancing services, we offer fixed fee conveyancing. Call us on 9560 6811 or forward an email to conveyancing@thenortonlawgroup.com.au to see how we can help you sell a property at affordable fees.

Author: Alexandra Chisari, Lawyer, Property Law & Conveyancing
Service: Property Law