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News Flash

Peer Wealth

WARNINGS!!!!! to any Client’s whom are Australian Resident expecting to sell their Australian real property over $750,000 from 1 July 2017, they may need to do the following before settlement:

In the recent budget, 9 May 2017, the government announced proposed changes to the foreign resident capital gains withholding (FRCGW) threshold and withholding rate.

The changes will apply to contracts entered into on or after 1 July 2017:

  • - For real property disposals where the contract price is $750,000 and above (currently $2 million)

  • - The FRCGW withholding tax rate will be 12.5% (currently 10%)

The existing threshold and rate will apply for any contracts that are entered into before 1 July 2017, even if they are not due to settle until after 1 July 2017.

Australian resident vendors can avoid the 12.5% withholding by providing one of the following to the purchaser prior to settlement

  • For Australian real property, a clearance certificate obtained from the ATO

Please note that this foreign resident capital gains withholding (RRCGW) certificate apply to all Australian residents.

They can apply the clearance certificate for Australian residents from 1 July 2017 on the following link below:


Get in touch with us today by filling out our enquiry form.

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Contact Information:

(02) 8014 7608
info@peerwealth.com.au
PO Box 444 Manly NSW 2095

Office Location:
 
Suite 202b, 39 East Esplanade
Manly NSW 2095

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Peer Wealth Pty Ltd operates under Australian Credit License: 390255.

Peer Wealth FP Pty Ltd ABN 24 115 294 463 is a Corporate Authorised Representative (Representative No, 001281977) of Futuro Financial Services Pty Ltd ABN 30 085 870, Australian Financial Services Licensee (AFSL 238478).

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