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Published by Marcus Andrews
Jul 3, 2018 in Property

New GST withholding obligation starts

As of 1 July 2018, purchasers are required to withhold the GST component of certain property transactions and remit the amount to the Commissioner of Taxation on or before settlement. The amendments were implemented to prevent ‘phoenixing’, whereby property developers collect GST from purchasers and claim tax input credits, but keep the GST by dissolving their company before they are required to transfer the GST to the Commissioner of...
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