GST WITHHOLDING. 25.1 Words and expressions defined or used in Subdivision 14-E of Schedule 1 to the Taxation Administration Act 1953 (Cth) or in A New Tax System (Goods and Services Tax) Act 1999 (Cth) have the same meaning in this general condition unless the context requires otherwise. Words and expressions first used in this general condition and shown in italics and marked with an asterisk are defined or described in at least one of those Acts.
25.2 The purchaser must notify the vendor in writing of the name of the recipient of the *supply for the purposes of section 14-255 of Schedule 1 to the Taxation Administration Act 1953 (Cth) at least 21 days before the due date for settlement unless the recipient is the purchaser named in the contract.
25.3 The vendor must at least 14 days before the due date for settlement provide the purchaser and any person nominated by the purchaser under general condition 4 with a GST withholding notice in accordance with section 14-255 of Schedule 1 to the Taxation Administration Act 1953 (Cth), and must provide all information required by the purchaser or any person so nominated to confirm the accuracy of the notice.
25.4 The remaining provisions of this general condition 25 apply if the purchaser is or may be required to pay the Commissioner an *amount in accordance with section 14-250 of Schedule 1 to the Taxation Administration Act 1953 (Cth) because the property is *new residential premises or *potential residential land in either case falling within the parameters of that section, and also if the sale attracts the operation of section 14-255 of the legislation. Nothing in this general condition 25 is to be taken as relieving the vendor from compliance with section 14-255.
25.5 The amount is to be deducted from the vendor’s entitlement to the contract *consideration and is then taken to be paid to the vendor, whether or not the vendor provides the purchaser with a GST withholding notice in accordance with section 14-255 of Schedule 1 to the Taxation Administration Act 1953 (Cth). The vendor must pay to the purchaser at settlement such part of the amount as is represented by non-monetary consideration.
GST WITHHOLDING. 12.1 Words and expressions defined or used in Subdivision 14-E of Schedule 1 to the Taxation Administration Act 1953 (Cth) or in A New Tax System (Goods and Services Tax) Act 1999 (Cth) have the same meaning in this special condition unless the context requires otherwise. Words and expressions first used in this special condition and shown in italics and marked with an asterisk are defined or described in at least one of those Acts.
12.2 This special condition 12 applies if the purchaser is required to pay the Commissioner an *amount in accordance with section 14-250 of Schedule 1 to the Taxation Administration Act 1953 (Cth) because the property is *new residential premises or *potential residential land in either case falling within the parameters of that section, and also if the sale attracts the operation of section 14-255 of the legislation. Nothing in this special condition 12 is to be taken as relieving the vendor from compliance with section 14-255.
12.3 The amount is to be deducted from the vendor’s entitlement to the contract *consideration and is then taken to be paid to the vendor, whether or not the vendor provides the purchaser with a GST withholding notice in accordance with section 14-255 of Schedule 1 to the Taxation Administration Act 1953 (Cth). The vendor must pay to the purchaser at settlement such part of the amount as is represented by non-monetary consideration.
GST WITHHOLDING. 2.1 In this special condition, section references are to Schedule 1 of the Taxation Administration Act 1953 (Cth) as amended by Treasury Laws Amendment (2018 Measures No.1) Act 2018 (Cth) and asterisked terms have the same meanings as when used in that schedule.
2.2 If section 14-255(1) applies to the supply of the property, the vendor must give the purchaser the written notice required by that section at least seven days before settlement.
2.3 Failure to provide notice does not constitute a breach under this Contact. The purchaser is not excused from making a withholding payment where the vendor fails to give the required notice. The purchaser must make their own assessment as to whether GST is required to be withheld and must then make remittance to the commissioner.
2.4 If section 14-250 requires the recipient of supply to withhold an amount (‘withholding sum’) from the consideration payable to the vendor and pay it to the Commissioner, the purchaser must:
(a) complete and lodge such online notification forms as the Commissioner may require to enable payment of the withholding sum and;
(b) at settlement, comply with section 16-30(3) by giving the vendor a bank cheque payable to the Commissioner for the withholding sum or;
(c) At Settlement the Purchaser must produce written evidence to the Vendor that the Purchaser has paid the GST Withholding Amount to the Commissioner of Taxation.
(d) The Vendor may refuse to Settle if the Purchaser fails to produce evidence to the Vendor that the GST Withholding Amount has been paid to the Commissioner of Taxation in accordance with this special condition 32.
(e) The Purchaser is responsible for any penalties or interest payable to the Commissioner of Taxation on account of late payment of the GST Withholding Amount.
(f) The Purchaser indemnifies and will keep the Vendor indemnified against any Loss arising out of or in respect of a breach by the Purchaser of this special condition 32.
(g) If the purchaser gives to the vendor at settlement a bank cheque payable to the Commissioner for the withholding sum, the vendor must, on the settlement date or within such further period (if any) as may be allowed by the Commissioner, pay the bank cheque to the Commissioner.
2.5 An amount withheld and paid as required by section 14-250 or applied as described in section 16-30(3) is treated as having been paid to the vendor.
2.6 Except as expressly set out in this special condition, the rights and obligations of the parties under t...
GST WITHHOLDING. 7.1 Where the Property the subject of this Contract is, within the meaning of the GST Act a 'new residential premises' or 'potential residential land' the Seller must give to the Buyer a GST Withholding Notice (Item 27.3) in accordance with section 14-255 of the Taxation Administration Act 1953 (Cth).
8.2 All Outgoings paid and Rents and Income received (including post Settlement reassessments) by either party must be apportioned based on the Adjustment Date and paid or received at Settlement or as otherwise appropriate. This excludes water rates charges based on usage.
8.3 All Rents and Income received by the Seller in relation to periods subsequent to the Adjustment Date must be apportioned between the parties as at the Adjustment Date.
8.4 Unpaid Rent, as at Settlement, will not be adjusted until paid.
8.5 Land tax will be apportioned as if the Land were the Seller's only land in Queensland and the Seller is a natural person resident in Queensland.
8.6 (1) Where Outgoings have not been assessed at the Adjustment Date any apportionment will be based on the sum advised by the relevant authority or Body Corporate, or where no such information is available on the latest assessment.
GST WITHHOLDING. 18.1. Words and expressions defined or used in the Withholding Legislation or in A New Tax System (Goods and Services Tax) Act 1999 (Cth) have the same meaning in this special condition unless the context requires otherwise. Words and expressions first used in this special condition and shown in italics and marked with an asterisk (*) are defined or described in at least one of those Acts.
18.2. If section 14-255(1) applies to the supply being made under this contract, the vendor must provide the purchaser with a GST withholding notice in accordance with section 14-255 at least 7 days before the due date for settlement.
18.3. Without limiting special condition 18.2, the vendor may issue a notice in accordance with section 14- 255 even if the words “GST Withholding applies” do not appear in the GST Withholding Notice section of the particulars of sale of this contract (in which case the later notice issued by the vendor replaces the notice contained in this contract of sale).
18.4. If the purchaser:
18.4.1. is registered (within the meaning of the GST Act); and
18.4.2. acquires the land sold pursuant to this contract for a *creditable purpose, the purchaser:
18.4.3. must notify the vendor in writing as soon as reasonably practicable (but in any case, at least 10 days prior to the due date for settlement) that the purchaser is registered and is acquiring the land sold pursuant to this contract for a creditable purpose; and
18.4.4. warrants that the information contained in the notice referred to in clause 18.4.3 is true and correct (and the warranty given in this special condition is given by the purchaser on date of the notice and on each day thereafter until and including the day of settlement and payment of the price and any GST to the vendor).
18.5. If the purchaser is required to withhold an Amount, the purchaser must provide to the vendor:
18.5.1. at least 5 days before settlement, confirmation that the Form One has been submitted to the ATO (and such notice must confirm the withholding Amount as notified to the ATO and the lodgement reference number and payment reference number issued by the ATO); and
18.5.2. except where the purchaser has complied with special condition 18.8, as soon as practicable after payment, evidence of submission of Form Two to the ATO.
18.6. If there is more than one purchaser and the purchasers are acquiring the land as tenants-in- common, the purchaser must notify the vendor in writing at least 10 days prior to settlement of...
GST WITHHOLDING. 15B.1 Words and expressions defined or used in Subdivision 14-E of Schedule 1 to the Taxation Administration Act 1953 (Cth) or in A New Tax System (Goods and Services Tax) Act 1999 (Cth) have the same meaning in this general condition unless the context requires otherwise. Words and expressions first used in this general condition and shown in italics and marked with an asterisk are defined or described in at least one of those Acts. 15B.2 This general condition 15B applies if the purchaser is required to pay the Commissioner an *amount in accordance with section 14-250 of Schedule 1 to the Taxation Administration Act 1953 (Cth) because the property is *new residential premises or *potential residential land in either case falling within the parameters of that section, and also if the sale attracts the operation of section 14-255 of the legislation. Nothing in this general condition 15B is to be taken as relieving the vendor from compliance with section 14-255.
GST WITHHOLDING. 23.1 The Property is: (tick one of the following) Existing Residential Premises New Residential Premises Potential Residential Land Clause 7
23.2 (The Buyer is to complete this Item 23.2 where the purchase is of Potential Residential Land) The Buyer is registered for GST and acquiring the Property for a 'creditable purpose' (as defined in the GST Act): Yes No Note: where the answer is 'yes' and the acquisition is for Potential Residential Land Item 23.3(2) is not required to be completed.
23.3 GST Withholding Notice (to be completed by Seller - section 14-255 Taxation Administration Act 1953 (Cth))
(1) The Buyer required to make a payment to the Australian Taxation Office in compliance with section 14-250 of the Taxation Administration Act 1953 (Cth) in relation to the Property.
(2) Only complete the following details where payment is required:
(a) Seller's Name:
(b) Payment amount: ABN:
(c) When payable: / / Note: Where no date is inserted payment will be on the Settlement Date.
(d) Where the Purchase Price is not expressed as an amount of money insert the GST inclusive market value of the Property:
GST WITHHOLDING. The Seller hereby gives notice to the Buyer that the Buyer is not required to make any payment under section 14-250 of the Taxation Administration Act 1953 (Cth) in relation to the supply of the Property by the Seller to the Buyer.
GST WITHHOLDING. The vendor gives the purchaser notice in accordance with item 14-255 of the Taxation Administration Act 1953 (Cth) that no GST withholding payment is required.
GST WITHHOLDING. This is a notice from the Vendor to the Purchaser for the purposes of section 14-250 of the Taxation Administration Act 1953 (Cth). The Purchaser is not required to make a payment. The Purchaser is required to make a payment and the Vendor provides the following information required under section 14-255(1) of the Taxation Administration Act 1953 (Cth): To be advised To be advised To be advised To be advised Encumbrances - All registered and unregistered encumbrances, easements, covenants and restrictions including:
