TAX ALERT - Residential Property Purchasers to pay GST directly to ATO after 1 July 2018
Introduction: The Government has recently released Exposure Draft legislation in relation to new GST rules that will require Purchasers of new residential premises or new residential subdivisions, to remit the GST on the purchase price directly to the Australian Taxation Office (ATO).
These new rules are proposed to be effective from 1 July 2018 with some transitional concessions.
It is important to note that the proposed rules explained below are at exposure draft stage until 20 November 2017 and are subject to change.