built environment insights, issue 4 | Australia 05 Oct 2018

Purchasers of Australian land

The Australian federal government has introduced legislation requiring some purchasers of Australian land to withhold and remit to the Australian tax office a proportion of the purchase price on account of their vendors’ tax liabilities, effectively turning those purchasers into tax collectors for the tax office.

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Although Australia is rapidly moving towards a national electronic conveyancing system, many conveyancing transactions are still, and will for the next few years, be conducted by physical attendance at settlements and the production by purchasers of bank cheques for the purchase price

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The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.

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