On 1 July 2018, a new regime of GST withholding obligations comes into effect and is set to create considerable change to property transactions which property lawyers should be aware of.
Where a supplier (the vendor) makes a taxable supply of new residential premises or a subdivision of potential residential land by way of sale or long term lease, the recipient of the supply (the purchaser) is required to withhold an amount from the contract price and remit it to the Australian Taxation Office on or before settlement. [...]
