Tuckfield Conveyancing | New GST Legislation

New GST legislation for property transactions

New GST Legislation Here comes yet another change in our industry processes (just because we haven’t had enough changes in the last 12 months to get our heads around!) Although this ruling will not come into effect until 1 July 2018, we should be across this new gst legislation early. What’s the current process for GST? The current process is if there is GST applicable

Tuckfield Conveyancing Foreign Ownership Surcharge

Foreign Ownership Surcharge for residential land

From 1 January 2018 foreign purchasers of residential land are required to pay a 7% surcharge in addition to stamp duty being paid at settlement. Who is classed as a foreign purchaser? A foreign person is someone who is NOT an Australian citizen or a holder of a permanent visa. New Zealand citizens who do NOT hold a special category visa are also deemed a foreign