From 1 January 2025, the Australian Taxation Office has made the following changes in relation to Foreign Resident Capital Gains Withholding Clearance Certificates:
- The withholding rate will increase from 12.5% to 15%
- All Australian citizens selling property will require a clearance certificate from the ATO otherwise withholding will apply to the transaction.
These changes will only effect Contracts entered into after 1 January 2025.
If you require our assistance in any conveyancing matters, please contact our office.