In response to continuing questions in relation to the obligations of suppliers and purchasers on the sale on new residential premises and potential residential land, the ATO has advised the following:
GST at settlement – what to do during COVID-19 closedown
We understand it’s a difficult time for you, your office and your clients and want to update you about GST at settlement procedures during COVID-19 for buying or selling new residential property or land:
- purchasers must continue to lodge GST at settlement forms, withhold and pay the required withholding amount at settlement
- suppliers must continue to provide written notification to the purchaser if they have a withholding obligation or not and report the sales information in the period the sale was finalised even if their activity statement has a different due date.
If settlement has fallen through or the settlement date has been changed, please ensure you contact us to cancel or amend your forms, see How to amend or cancel your forms.
See also:
- GST at settlement
- GST at settlement – a guide for suppliers and their representatives
- GST at settlement – a guide for purchasers and their representatives
To find more information about the relief options and measures available to you and your clients, see COVID-19
To ask UDIA NSW a question or to let us know more, please use the form below:
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