The Government has recently introduced legislative amendments (due to the Full Federal Court's decision in FCT v Gloxinia Investments (Trustee)) to impose GST on sale of newly constructed residential premises.
The amendments will ensure that the sale of newly constructed residential premises to home buyers and investors is subject to GST…” (emphasis added) Further details at: http://assistant.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2011/135.htm&pageID=003&min=brs&Year=&Doc
The aim of the amendments is to ensure:
This change will have effect on the day the amending Bill receives Royal Assent – presumably in the next few months.
Practitioners are also reminded that the Neighbourhood Disputes Resolution Act 2011 will commence on 1 November 2011. The Act requires a party to provide a buyer, before the contract is signed, a copy of an application or order subject to the Act. This requirement will be included in the new editions of the REIQ Contracts.
General public information is available at neighbourhooddisputes.qld.gov.au.
Parties, including agents, to property sale should turn their minds to meet this new obligation when reducing their agreement to writing.
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