Webinar 19 – A Guide to GST Forms 1 and 2 and Foreign CGT
Originally held on the 15th of June 2022
Most purchasers of new residential premises or potential residential land are required to withhold an amount from the contract price for payment to the Australian Taxation Office (ATO). Purchasers who are required to withhold must complete and lodge the following two online forms:
Form one: GST property settlement withholding notification
Form two: GST property settlement date confirmation.
In addition, foreign resident capital gains withholding (FRCGW) applies to vendors disposing of certain taxable property under contracts entered from 1 July 2016. The FRCGW tax rate is 12.5%.
At this webinar, the ATO will provide a comprehensive overview of forms 1 & 2, when they are required, how to complete and lodge as well as an overview of FRCGT obligations.
Presented by Loretta Bishop-Spalding, Director, Australian Taxation Office, Adelaide
Chaired by AIC Vic President, Joan Lentini, Complete Conveyancing and Corporate Services.
Risk Management Points: 1