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ARTICLE · 06 SEPTEMBER 2017

GST changes to new residential premises proposed

McCullough Robertson
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Developers should amend all existing contracts ready for the proposed changes and confirm how parties could be impacted.

AustraliaReal Estate and Construction
Mark West
Mark West
Ian Hazzard
Ian Hazzard
Kristan Conlon
Kristan Conlon
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WHO SHOULD READ THIS

  • Purchasers and developers of new residential premises (or land within a subdivision).

THINGS YOU NEED TO KNOW

  • The 2017 Budget measures included a plan to shift the responsibility of accounting for GST from property developers to purchasers. Under the proposal, purchasers must remit the GST directly to the Australian Taxation Office (ATO) as part of the settlement process.

WHAT YOU NEED TO DO

  • This change will require developers to amend their existing contracts in contemplation of the proposed changes and to confirm how the parties would be impacted by the changes.

In May 2017 the Federal Government Budget included proposed measures to shift the responsibility for remitting GST on the sale of new residential premises from property developers, to purchasers.

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