From 1 July 2018, purchasers of new residential premises or subdivision of potential residential land are required to withhold GST from the contract price and remit this directly to the ATO on or before settlement.  The amount withheld will be 1/11th of the contract price or 7% where the margin scheme applies. Changes to the law are largely as a result of some developers, who are making taxable sales from new residential premises or subdivision of potential residential land, failing to remit the GST collected from purchasers to the ATO. The amended legislation will take effect from 1 July 2018 and will include … Continue reading GST to be Withheld by Purchasers of New Residential Premises