Key developments
- Foreign Resident Capital Gains Withholding Payments and 2016 edition of the Contract for sale and purchase of land
- Crimes (Serious Crime Prevention Orders) Bill 2016 and Criminal Legislation Amendment (Organised Crime and Public Safety) Bill 2016
- Inclosed Lands, Crimes and Law Enforcement Legislation Amendment (Interference) Bill 2016
- CTP reforms
- Review of the Coroners Act 2009
- The incarceration of juveniles without a meaningful prospect of release
- Inquiry into Domestic Violence and Gender Inequality
- Powers of Attorney Regulation 2011
- Workers compensation – regulation of pre-injury average weekly earnings
- Review of the Motor Accidents Claims Handling and Medical Guidelines
- Inquiry into a nationally consistent approach to alcohol fuelled violence
- Children (Criminal Proceedings) Act 1987
- Local Government Act 1993 Amendments: phase 1
- Review of the Guardianship Act 1987
Foreign Resident Capital Gains Withholding Payments and 2016 edition of the Contract for sale and purchase of land
The Commonwealth’s new foreign resident capital gains withholding payment measure will apply to contracts for the sale and purchase of land valued at or above $2 million that are entered into from 1 July 2016.
Changes will be required to contracts and conveyancing processes to ensure compliance even where the vendor is not a foreign resident. Where the conveyance is valued at or above $2 million, and a clearance certificate is not provided by the vendor prior to completion, the purchaser is obliged to withhold 10 per cent of the price and remit this amount to the Australian Taxation Office.
As the measure imposes significant new obligations on purchasers of land of this value, the Property Law Committee is revising the 2014 edition of the Contract for sale and purchase of land.
