PHOTO: Those over 65 who sell their family home can contribute $300,000 of the profit into their superannuation from July 1. Picture: AAP Image/Joel Carrett. Source: AAP
BIG changes are afoot in the property market starting July 1 — and here’s your quick guide to it all from buyers collecting tax for ATO to higher land taxes.
FEDERAL
GST
The biggest change starting July 1 is that buyers of new houses, units or residential land blocks effectively become tax collectors for the government, that is, they become responsible for paying the GST element of their deal direct to ATO.
Shoddy developers who “phoenix” have caused the change, according to the Property Council of Australia — “phoenixing” is when a person starts a new company doing the same business after deliberately liquidating another company to avoid paying its debts including taxes.
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