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GST withholding: Transitional treatment ending for residential sale contracts

Since 1 July 2018, purchasers of taxable new residential premises in Australia, or land that could be used to build new residential property (potential residential land), generally have been required to retain part of the purchase price for their transaction and pay it to the Australian Taxation Office (ATO) at settlement (goods and services tax (GST) withholding).

Source: Deloitte