Buyers & Back-Up Contracts

Are you a frustrated buyer, arriving at open homes only to learn the property is already under contract?

Here’s the thing:  Even after obtaining a contract of sale we can’t advertise it as ‘under contract’ until that contract is unconditional, and a good agent continues to market a property until this is so.  Because anything can happen…

About the ATO capital gains tax CGT withholding rules for Australian resident property sellers

ATO CGT Withholding Changes

Australian resident vendors selling real property will need to obtain a Clearance Certificate from the ATO to ensure they don’t incur a 12.5% withholding tax. 

It applies to all vendors in all states and territories, to all property (residential and commercial) and other asset classes to all properties with a contract price of $750,000 or more (the previous applicable value was $2m or more).