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Getting your GST at settlement right

The ATO has seen a number of common errors made on forms submitted by property purchasers since changes were made to the way GST is collected at settlement in July 2018.

Property settlement forms:
In the case of a withholding obligation, those purchasing new residential premises or potential residential land are required to submit both of the two online notification forms:

1. GST property settlement withholding notification.
This form covers various areas including contact details, property details, purchaser details, supplier details and an overall summary. The form can be submitted any time after you have entered into the contract and before the date of the withholding obligation is due.

2. GST property settlement date confirmation.
This form requires you to confirm that the settlement has occurred. It can be submitted at the due date of the withholding obligation. In most instances, this will be at settlement or the next business day.

It is necessary to understand your obligations as a property purchaser. Filling out these forms incorrectly can cause processing and payment delays and failing to submit on time may also result in penalties being imposed by the ATO.

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News

Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

September 24, 2020

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker’s super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue.

The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

Many individuals are looking to access their superannuation early in order to have support during these times. Although there is criticism of early access to super, this facility has been helpful to many families to keep afloat.