The GST has reared its head again to have another effect on conveyancing in Queensland. This time, there has been an introduction of a new GST law, called the GST Withholding Law, effective from 1 July 2018. It seems like a cat and mouse game as the Commonwealth Government clamps down on certain actions by some developers who dodge their GST obligations.
It has resulted in a new addition to the main body of the Contract (refer page 5 of the Contract for Residential House and Land) and some updates to the standard terms.
The changes are complex for “lay” persons and we are have produced a Power Point for real estate agents which we hope provides some clarity – contact us for a copy or for an in-person presentation by one of our team. Also, anyone is free to contact us by telephone or email if you have any questions or problems.