With the end of financial year approaching, we remind and assist all taxpayers to implement adequate tax planning strategies by providing the following checklist.
For Business Owners:
From 1 July 2018, purchasers of new residential premises or subdivisions of potential residential land will need to pay the GST component of the purchase price directly to us on or before settlement.
The amount of GST will not change.
This does not affect the sales of existing residential properties or the sales of new or existing commercial properties.
For property transactions, purchasers will need to:
Settlements will not be conditional on the payment of GST to us.
Property developers will need to give written notification to the purchasers when they need to withhold.
The liability for the GST remains with the property developer, and there are no changes to how property developers lodge their business activity statements.
Article for further reading: Getting market value right for taxation purposes
Resource: Changes to GST payments at settlement
Previously we have mentioned about starting from 1 July 2018, if you have 20 or more employees, you'll need to use Single Touch Payroll-enabled software to report your tax and super information to ATO.
Click the link below to find out more about Single Touch Payroll: