23/01/2025
If you are a Vendor you MUST now apply for a Clearance Certificate from the ATO and provide it to the Purchaser.
Previously, failure to provide this certificate would mean 12.5% of the property sale price (for properties over $750,000.00) would be remitted to the ATO and you could claim this back with your next tax return (if you are an Australian Resident for tax purposes)
Now, Contracts on and after 1 January 2025 with a Vendor that fails to provide the certificate will mean 15% of the property sale price (for all property regardless of price) would be remitted to the ATO
For more information search "Australian residents and clearance certificates" on the ATO website OR contact our office directly so we can assist you.
๐5625 1605
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