New REIQ contracts – comparison tables now available
27 June 2018
Queensland Law Society and the Real Estate Institute of Queensland (REIQ) have prepared new editions of the four standard sale contracts. These will be made available to members on the QLS website from Thursday 28 June 2018 – please visit the latest news section for the release.
As outlined in QLS Update on 20 June 2018, the new editions were prepared:
- in response to the GST withholding at settlement measures taking effect from 1 July 2018
- to facilitate the signing of contracts by electronic means, and
- to update references to legislation and notice clauses.
An overview of the key changes and differences between the editions is available here.
After further discussions with the Australian Taxation Office (ATO) following the release of QLS drafting on 20 June 2018, draft clauses dealing with the GST withholding at settlement measure were updated. The key changes included:
- amending clause 2.5(5) of the Contract for Houses and Residential Land to reflect the updated ATO forms to be completed when remitting GST
- requiring the Buyer to give the Seller a completed ATO payment slip for the Withholding Amount, on or before settlement, and
- updating references to the Commissioner of Taxation.
Comparison tables for the new contract editions are available here:
More information about the GST withholding at settlement measure is available at the Australian Taxation Office website including Law Companion Ruling LCR2018/D1 (currently in draft only).
Lexon will be updating the Conveyancing Protocol and Risk Tools in relation to the GST withholding measures.