🏠 Planning to sell your property? Don't let tax regulations catch you off guard!

Attention Australian Property Owners: Critical Update on ATO Clearance Certificates

As a seasoned advisor with two decades of experience, I'm here to shed light on a game-changing requirement that affects ALL Australian tax residents selling real property. Here's what you need to know:

🔑 Key Points:

1. Universal Requirement: Every Australian tax resident must now obtain an ATO Clearance Certificate when selling property.

2. Broad Application: This applies to all real property sales - vacant land, residential, and commercial.

3. Timing is Crucial: Certificates can take up to 28 days to process. Plan ahead!

4. Settlement Essential: The certificate must be in the purchaser's hands by settlement day.

5. High Stakes: Failure to provide the certificate could result in a whopping 15% withholding tax!

6. Individual Responsibility: Multiple owners? Each person needs their own certificate.

7. Limited Validity: Certificates are valid for one year from issue date.

💡 Pro Tip:

Considering a property sale this year? Don't wait! Apply for your ATO Clearance Certificate now to ensure a smooth, stress-free settlement process.

Act today to safeguard your property transaction. Remember, in real estate, preparation is key to success!

Questions? Need guidance? Let's ensure your next property transaction is seamless and compliant - contact Cloudhouse.