15/01/2025
Legislation Update
All Sellers of a property with a sale price of $750,000.00 or more must provide the Buyer with a Foreign Resident Capital Gains Withholding (FRCGW) Clearance Certificate, failing which the Buyer must withhold monies from the sale proceeds and remit them to the Australian Taxation Office.
Rate of withholding from a property sale
The following FRCGW rates apply to the market value of property contracts signed: Up to and including 31 December 2024, a rate of 12.5% applies to property valued at $750,000 or more. On and after 1 January 2025, a rate of 15% applies to the value of all property.
