GST Payments changes from 1st July 2018

GST payments changes from 1st July 2018

From 1 July 2018, purchasers of new residential premises or potential residential land are required to withhold an amount of the contract price and pay this directly to us as part of the settlement process. The amount of GST will not change.

This does not affect the sales of existing residential properties or the sales of new or existing commercial properties.

For property transactions, purchasers will need to:

  • split the amount of GST from the total purchase price
  • pay the GST component directly to us by a disbursement at settlement
  • pay the GST exclusive purchase price to the property developer (vendor).
  • Property developers will need to give written notification to the purchasers when they need to withhold. The liability for the GST remains with the property developer, and there are no changes to how property developers lodge their business activity statements.

https://www.ato.gov.au/Business/Large-business/In-detail/Business-bulletins/Articles/GST-property-settlement-changes/



COVID-19 Announcement


Please be advised that our offices are open however due to social distancing regulations for the foreseeable future we will be limiting face to face conferences.

For clients regarding wills, power of attorneys and enduring guardianships we will organize to hold the meeting in a conference room that meets the social distancing rules.

We will be conducting our conferences via video conferencing or phone where necessary. At this point we will not be able to conduct any Notary Appointments.


Be assured that all property settlements will not be affected and will continue to be transacted electronically.  Russell Kelly & Associates is a certified accredited participant in Property Exchange Australia (PEXA).


We will be monitoring the governments responses and will update as necessary.