The October edition of Lay of the Land Property Tax Update is available now!
In brief: The Australian Taxation Office (ATO) has issued law companion ruling LCR 2018/4 that provides guidance in relation to the new GST notification and withholding obligations that came into effect on 1 July 2018.
What you need to know:
The Ruling explains how the amendments apply, including:
- the types of supplies for which purchasers are required to pay;
- when the purchaser is required to pay;
- the amount the purchaser is required to pay;
- the requirement for a vendor to provide a notice to the purchaser, and
- the penalties that may apply to vendors and purchasers.
The Ruling describes how the Commissioner will apply the amendments in Schedule 5 of the Treasury Laws Amendment (2018 Measure No.1) Act 2018. The Ruling provides that if you rely on the Ruling in good faith, you will not be required to pay any underpaid tax, penalties or interest in respect of matters covered by the Ruling if it does not correctly state how a relevant provision applies.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Madgwicks is a member of Meritas, one of the world's largest law firm alliances.