It is longstanding conveyancing practice for the vendor’s land tax liability to be included in the usual settlement adjustments between a vendor and purchaser. This practice will be banned for most sales of land in Victoria...more
In the five years to November 2017, AUD1.8 billion of GST revenue was written-off due to phoenixing – where companies are stripped of assets and liquidated, then restarted under a different name leaving creditors out of...more
The Government announced in its 2017-18 Budget that, from 1 July 2018, purchasers of new residential premises (new homes / apartments) and subdivided residential lots will need to pay any applicable GST on the sale directly...more