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…

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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).