LPLC receives enquiries most weeks about the Federal Government foreign residents withholding regime. This article suggests some resources practitioners can refer to.
- 1 July 2017 amended CGT withholding payments for real property sales
- Amended CGT withholding payments for options, company title interests and indirect Australian real property transactions
- CGT withholding payments – practical examples
A recent common query is whether the lack of a middle name on a clearance certificate is sufficient to comply with the regime requirements. The ATO website provides valid clearance certificate information which provides that:
The ATO is currently issuing clearance certificates for individuals based on the name format used for all ATO notices – First Name, Initial and Last Name. The ATO accepts that purchasers have fulfilled their obligation if they have sighted a certificate where the First Name, Initial and Last Name or First Name and Last Name are consistent with the name on the title.
Another common query is what to do if a vendor fails to provide a clearance certificate. The practitioner or their purchaser can register with the ATO to receive a payment confirmation request, which will specify the amount to be withheld and sent to the ATO.
The ATO can provide Small Business Advice to assist with queries not resolved online or by phone.
