Changes to the way GST on the purchase of new residential premises or land is remitted to the ATO came into effect on 1 July. If you are the purchaser of new residential premises or land, you are now required to withhold part of the purchase price to submit to the ATO. This applies even if you aren’t registered for GST or running a business!
There are two forms you will need to submit prior to settlement. Your conveyancer should be up to date on this, but in case they’re not, then further details can be found here.