Changes To Foreign Resident Capital Gains Withholding
Recently there were changes made to both the Foreign Resident capital gains withholding rate and threshold. This was announced by the government in May 2017 and will apply to contracts entered into from July 2017 onwards.
They now apply to property disposals over $750,000 (previously $2 million) and the withholding tax rate will increase to 12.5% as opposed to the previous 10% rate. Previous threshold rates apply to contracts that were agreed before July 1 2017, even if settlement is after that date.
Moving Toward 100% Digital Lodgements
Land Use Victoria has also announced that 100% online or digital conveyancing transactions will be mandatory. The date announced for this transition is the 1st of August 2019. Although many lawyers may collect information manually from clients, electronic conveyancing and the use of PEXA will be the only way to complete real estate transactions.
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