Professional Conveyancing Services

Foreign Resident Capital Gains Withholding Tax

Date: July 1, 2016

From 1st July 2016, significant changes will affect all Purchasers and Vendors when buying/selling land for $2mil and above. New legislation comes into effect which requires Purchasers to collect and remit capital gains tax from a foreign Vendor’s sale proceeds to the ATO by settlement date. Essentially, we as Conveyancers are now becoming tax collectors for the government.

For all the ins and outs, I have attached an article on the legislation which explains in more detail how it will be applied. Foreign Resident Capital Gains Withholding Tax

Frequently Asked Question

Question: Are all conveyancers (CPCs) the same?
Answer: No. As with any profession or trade each individual will be different. Some CPCs are self-employed and some work in small business or in large conveyancing firms. Some will offer a wider range of services than others and they will all have their own set of fees and business practices.

If you use a member of the Australian Institute of Conveyancers then you know that the conveyancer (CPC) you have chosen has undertaken specialist training, participates in a compulsory professional development program, holds professional indemnity insurance for your protection and will offer professional service and advice.

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PCS is a Certified Practising Conveyancer PCS is a member of Australian Institute of Conveyancers (Victorian Division)