Jul
21

New foreign resident capital gains withholding tax rules came into effect on 1 July 2016.

Advice for real estate agents from the Australian Taxation Office

New foreign resident capital gains withholding tax rules came into effect on 1 July 2016.

The new rules affect real estate with a market value of $2,000,000 or more.

The Australian Taxation Office (ATO) has created a fact sheet for real estate agents, explaining the new rules and what they mean for sellers or purchasers who appoint you to act on their behalf.

More information is available at the ATO’s website at www.ato.gov.au/FRCGW. You can contact the ATO with any enquiries.