New thresholds and burdens for tax-collecting conveyancers and property lawyers
Legislation change is set to give lawyers and conveyancers extended powers as they take on the role of tax collector during the property settlement process. From July 1, 2017 the changes to legislation will limit the capital gains tax (CGT) exemptions available to foreign and temporary residents and increase withholding rates for foreign tax residents. GlobalX CEO Peter Maloney said that the process will involve lawyers and conveyancers acting as tax collectors, ensuring that money from property sales is withheld during the settlement process and paid to the Australian Tax Office (ATO) when required. “Currently, all property transactions worth more […]