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Recorded Webinars

Recorded Webinar: The New GST Withholding Regime: Purchasers of Residential Real Estate Beware!

Purchasers of new residential properties or land in new subdivisions will have to remit GST to the tax office. This will have a number of effects, including the need to amend contracts to protect the developer’s position. With the new regime commencing 1 July 2018, now is the tim
PRESENTED BY Matthew Cridland Partner - K&L Gates

Date/Time

About the Webinar

Purchasers of new residential properties or land in new subdivisions will have to remit GST to the tax office. This will have a number of effects, including the need to amend contracts to protect the developer’s position. With the new regime commencing 1 July 2018, now is the time to understand the key reforms. This session brings you up to date, including:

  • Impact on developer financing, banking and contracts
  • What transitional measures are in place?
  • Will it apply to contracts already signed?
  • Is the purchaser simply withholding GST on behalf of the developer?
  • How will developers document margin scheme calculations?
  • What is the potential liability of developer or purchaser if GST margin is incorrect?
  • Practical application problems:
    • does it apply to standard house lots or will it apply to larger developments?
    • what if property is only partly residential?
    • what is the position of a nominee?
    • does it impact payment of the deposit?
    • how will it affect developer’s cash flow?
    • what happens if purchaser fails to pay the withheld amount?
    • what is the position for third party purchasers from an owner?
  • How should standard land contracts be amended?
  • How will the conveyancer make it work - should the conveyancer be a tax agent?
  • How will it affect the GST reporting system?
  • New penalty regime and extent of liability – are there exemptions and concessions?
  • Does it mean the ATO gets priority ahead of banks?
  • Case study – complex scenarios based on where developer acquired the land

Presented By

Matthew Cridland
Partner, K&L Gates

Mr. Cridland is a Sydney based indirect tax lawyer. He advises clients in relation to all indirect taxes, including goods and services tax (GST), stamp duty, land tax, payroll tax, wine equalisation tax (WET), luxury car tax (LCT), customs duty and excise.

With respect to clients and sectors, his areas of experience include: real property, financial services, corporate mergers and acquisitions, energy and resources, public private partnerships (PPPs) and infrastructure, telecommunications, retail, insolvency and restructuring, and inbound intangible supplies. He also has experience advising both Federal and State Government agencies.

Prior to joining K&L Gates, Mr. Cridland worked at an international law firm where he was the Head of the GST and Customs Duty (Australia).

Who Should Attend?

This webinar is suitable for accountants and lawyers advising on GST – Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Lisa Tran on (03) 8601 7709 or email: [email protected]

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