ADDITIONAL DUTY FOR FOREIGN PERSONS The proposed amendments impose an additional duty of 7% on direct acquisitions (foreign transfer duty) and indirect acquisitions (foreign landholder duty) of residential property by foreign persons. A foreign person is: A foreign individual who is not an Australian citizen, permanent resident, or special category visa holder. A foreign corporation:…
Fortune Business Brokers Renewed warning after another loss from WA property sale scam As advised by Dept of Consumer Protection RE Industry Bulletin 162 24/11/2017 Another loss from a cyber-attack that intercepted a property sale transaction has triggered Consumer Protection to issue a renewed warning to buyers, sellers, tenants and agents in WA to be…
Australian residents selling real property will need to obtain a “Capital Gains Clearance Certificate” prior to settlement to avoid incurring the 12.5% non-final withholding tax that is applicable to foreign residents. The Australian Taxation Office (ATO) requires 12.5% of the sale price to be withheld by the purchaser unless the vendor produces the clearance certificate…
Be on high alert – Scammers target WA property industry During the last week, Consumer Protection has received reports of scams involving the property industry. Unfortunately, some of those scams were successful, with one scam alone netting $557,000. No organisation or person is totally safe from scammers with agents, buyers and tenants all having been…