From 1 July 2018, Buyers of new residential premises, including new residential land, will have to withhold and pay the Seller’s GST liability to the ATO on Settlement. The Seller must provide a notice to the Buyer if the property being sold is captured by the GST Withholding Regime. The new regime is designed to combat phoenixing, where developers complete residential developments and then declare the company insolvent without paying the required GST from their sales. Don’t worry, if your transaction is caught by this new law change, we will ensure that the appropriate amount is withheld and paid to the ATO on settlement on your behalf.