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Contract Sale of Real Estate Victoria

Contract Sale of Real Estate Victoria

$185.00
Ex GST: $168.18
Product Code:LIV100
EditionJune 2017
LIV Item Code2.1

LIV standard form of Contract of Sale of Real Estate is now available and can be used in transactions from July 2017

 

From 1 July 2017, a foreign resident capital gains withholding regime will apply which will require purchasers to withhold an amount from the proceeds of sale and pay it to the Australian Taxation Office if the vendor is a foreign resident. Under this regime, all vendors will be deemed foreign residents unless they can prove otherwise through provision of a clearance certificate from the Australian Taxation Office. This new regime will apply to real property in Australia valued over $750,000 as well as mining, quarrying or prospecting rights. It will also apply to interests in Australian entities that predominantly have such assets, such as shares in a private company with real property as its main asset.

 

A special condition 1B has been prepared in relation to the regime. Practitioners are encouraged to consider the Australian Taxation Office material

   
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