A 10% non-final withholding tax will be incurred for all contracts entered into on or after 1 July 2016, unless a clearance certificate or variation certificate is obtained.
If you are selling real property with a market value of $2 million or more and you are:
- an Australian resident vendor, you can avoid the 10% withholding by providing a clearance certificate to the purchaser prior to settlement
- a foreign resident vendor, you may apply for a variation of the withholding.
Please contact us if you feel you may be needing assistance with this matter.