GST withholding obligations for purchasers of new residential properties and some vacant land commenced on 1 July 2018.
The commentaries in all By Lawyers Conveyancing Guides – Sale and Purchase, for each state, have previously been amended to deal with the new GST withholding requirements. See the commentaries for details of when the new provisions apply.
Now included in the precedents for both Sale and Purchase is a new ‘Letter to client regarding GST withholding payment’ which explains to clients the new requirements and outlines for them the procedures involved in complying, whether they are a vendor or a purchaser.
This helpful precedent allows you to quickly and correctly advise the client on this important new development in conveyancing procedure, where applicable.