Queensland Law Society

Updated REIQ contracts and ATO information now available

As notified to members last week, updated REIQ contracts have been released and are available on the QLS website (membership login required).

The Australian Taxation Office (ATO) has also published updated guidance material about the GST at settlement measures which commenced on 1 July 2018. 

Please note that the ATO has also published the two forms which must be completed when withholding GST in accordance with this measure:

Additional information and updates from the ATO are listed below.

Law Companion Ruling

The final Law Companion Ruling LCR 2018/4 has been published.

Webpages

New webpages:

Updated webpages:

How to pay

  • Information is available on how to pay.
  • GST property settlement payments cannot be paid at Australia Post until late September 2018 (automated payment slip with barcode).
  • A payment slip is available to be downloaded on how to pay and is to be included with the cheque when the withholding payment is made to the ATO.
    Updated 29 June 2018

Declaration

  • A purchaser can authorise a representative to submit the forms on their behalf by providing them a signed declaration.
  • Depending on the state or territory the property is located in, the purchaser's representative can include a conveyancer and solicitor.
  • Information and a sample of the declaration is available.

Additional information

To be released

The following webpages will be available this week and accessible from the GST at settlement page:

  • A guide for suppliers and their representatives
  • A guide for purchasers and their representatives

Online viewability of the GST property credits withholding account is scheduled for late September 2018.

Feedback

The GST at settlement webpage will be open for consultation on Monday 9 July. If you have any feedback on this webpage look out for the link located at the bottom of the webpage to enable you to provide feedback.