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New GST withholding regime - what is it and what does it mean for you

As of 1 July 2018, certain purchasers of real property now have a GST ‘withholding obligation’ which involves withholding a part of the purchase price and paying it directly to the ATO. The change affects both purchasers and vendors of residential premises (including long-term leases over 50 years) or potential residential land.

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