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Getting your GST at settlement right

The ATO has seen a number of common errors made on forms submitted by property purchasers since changes were made to the way GST is collected at settlement in July 2018.

Property settlement forms:
In the case of a withholding obligation, those purchasing new residential premises or potential residential land are required to submit both of the two online notification forms:

1. GST property settlement withholding notification.
This form covers various areas including contact details, property details, purchaser details, supplier details and an overall summary. The form can be submitted any time after you have entered into the contract and before the date of the withholding obligation is due.

2. GST property settlement date confirmation.
This form requires you to confirm that the settlement has occurred. It can be submitted at the due date of the withholding obligation. In most instances, this will be at settlement or the next business day.

It is necessary to understand your obligations as a property purchaser. Filling out these forms incorrectly can cause processing and payment delays and failing to submit on time may also result in penalties being imposed by the ATO.

Posted on 1 April '19 by , under Tax.

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Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
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Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

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