The new financial year will bring in a number of changes to the property industry.  Developers need to plan for these changes to ensure compliance and avoid any delays or other adverse implications once the amendments take effect.

From 1 July 2018 purchasers of new residential premises or of new subdivisions of potential residential land that are taxable supplies will be required to pay 1/11th of the purchase price directly to the Australian Taxation Office (ATO) at settlement, if  the exposure draft legislation released by the Government on 6 November 2017 passes in its current form.  Subject to limited exceptions under proposed transitional rules, the new GST withholding obligation will apply even if a vendor applies the GST margin scheme.