GST Article – Purchasers required to withhold and remit GST payable by vendors – the transitional operation of the proposed legislation
In a separate article, we have outlined the general operation of proposed legislation which provides for purchasers and others to withhold and remit to the Australian Taxation Office, GST payable by vendors (and others) in relation to certain transfers of land. The legislation is anticipated to be operative from 1 July 2018. This article considers the manner in which the legislation will apply to contracts made prior to that date and under which settlement occurs after that date.
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Disclaimer: This article is based upon information available as at the time of publishing and may be subject to change.