GST Withholding – Changes and Challenges
The new GST withholding regime applies to certain real property transactions from 1 July 2018 onwards.
Nov 14Wed 1:00 PM AEDT - Wed 2:00 PM AEDT Online
- $180.00 incl. GST
- PD hours: 1
In this webinar we will focus on how the new regime operates, the practical challenges that the regime presents and potential considerations for lawyers / advisors / conveyancers to have in managing the impact of the new regime.
In response to concerns raised about phoenixing activity in the property development sector (and to assist with revenue protection for Treasury), new GST legislation was introduced which impacts the manner in which GST is collected and paid by purchasers of new residential premises or new subdivided blocks. From 1 July 2018, purchasers of impacted properties will be required to withhold an amount from the purchase price and pay that amount directly to the ATO.
This session will deliver an overview of the new measures and what they mean for both sellers and purchasers of impacted properties going forward, in particular using practical examples to focus on:
• how the GST will now be collected and paid;
• what actions will now be required of vendors and purchasers (and their representatives); and
• practical challenges that impacted parties may now face, and how these challenges may be addressed.
Webinar Learning Outcomes:
• Understanding how the new GST withholding measures operate
• Understanding how the GST will now be collected and paid on impacted transactions
• Understanding the various legal obligations for both sellers and purchasers of residential property going forward
• Addressing potential issues that the new regime may present for impacted sales.
Small or large firms, property lawyers, property conveyancers.
All levels of employees.
John Russell is a Senior Associate in MinterEllison's Tax division and has over 8 years' experience in GST. John has had significant experience advising both government and private entities on a broad range of property issues involving GST, including application of certain GST concessional provisions, development structuring, and acting on behalf of clients in complex property related disputes with the ATO.
You will be provided with:
• PowerPoint presentation slide deck
• Supporting documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask the presenter questions
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