Selling a property over $750,000 in value
…then you need a Clearance Certificate prior to settlement or you could lose 12.5% of the sale price!
Why does a Vendor need a Clearance Certificate?
Answer – Recent changes to the capital gains tax for foreign residents require the seller of property over $750,000 to show that they are Australian Residents by provided a ‘Clearance Certificate’ from the ATO prior to settlement, or the buyer will be required by law to withhold and pay 12.5% of the purchase price to the ATO.
Low Cost Conveyancing Services is experienced in this regard and can offer assistance to all our clients who sell land, apartments, units, houses or commercial property.