Living Blog
From July 1, purchasers of new residential premises or potential residential land will be required to pay GST directly to the ATO. This new regime will see the responsibility of payment of GST to the ATO shift from the vendor to the purchaser.
Who will this affect?
The changes aimed at property vendors who fail to remit their GST liability will impact on residential property developers, conveyancers, solicitors, purchasers, lawyers, financers and any other party who usually operates in the property development industry.
The purchaser is now responsible for the payment to the ATO and as such...
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