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 this contract including, without restriction, any obligation of the vendor to apply the margin scheme, are unchanged. 2.7 In this special condition, ‘settlement’ means the time when the first *consideration for the *supply (other than consideration provided as a deposit) is first provided.
Appears in 2 contracts
Samples: Contract of Sale of Real Estate, Contract of Sale of Real Estate
GST WITHHOLDING. 2.1 17.1 In this special conditionSpecial Condition 17, terms have the following meanings: Draft Copy
(a) Commissioner means the Commissioner of Taxation.
(b) EC Law means the Electronic Conveyancing National Law (South Australia) as defined in the Electronic Conveyancing National Law (South Xxxxxxxxx) Xxx 0000 (SA).
(c) GST Withholding Amount means the amount described in Item 16 of the Reference Schedule.
(d) TA Act means the Taxation Administration Xxx 0000 (Cth).
17.2 This Special Condition 17 applies to this Agreement if the Purchaser is required, pursuant to section references are 14-250 of Schedule 1 to the TA Act, to withhold the GST Withholding Amount specified in Item 16 of the Reference Schedule and to pay that GST Withholding Amount to the Commissioner.
17.3 The Vendor will provide a written notice to the Purchaser as required in accordance with section 14-255 of Schedule 1 of the Taxation Administration TA 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 scheduleVendor Notification).
2.2 If section 14-255(1) applies 17.4 The Purchaser acknowledges that, if completed, Item 16 of the Reference Schedule constitutes the Vendor Notification.
17.5 The Purchaser must, as soon as is practicable after receipt of the Vendor Notification and, in any case prior 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 mustSettlement Date:
(a) complete and lodge the GST Property Settlement Withholding Notification Form, or such online notification forms other form as may be approved in accordance with subsection 16-150(2) of Schedule 1 to the Commissioner may require to enable payment of TA Act (Purchaser Form 1), with the withholding sum Commissioner; and;
(b) at settlementprovide to the Vendor a copy of the Purchaser Form 1, comply with section 16-30(3including the payment reference number and lodgement reference number provided.
17.6 The Purchaser must, on or before the Settlement Date, withhold the GST Withholding Amount from the Purchase Price paid, and either:
(a) by giving provide to the vendor Vendor a bank cheque payable to in favour of the Commissioner for in the withholding sum of the GST Withholding Amount; or;
(cb) At Settlement the Purchaser must produce written provide evidence to the Vendor that the Purchaser has paid the GST Withholding Amount to the Commissioner including, but not limited to, proof of Taxation.electronic funds transfer payment to the Commissioner; or
(dc) The Vendor may refuse if Settlement is to Settle if take place electronically in accordance with the Purchaser fails to produce evidence to the Vendor that EC Law, pay the GST Withholding Amount has been paid to the Commissioner by way of Taxation an electronic funds transfer through the Electronic Workspace.
17.7 If the Purchaser provides to the Vendor a bank cheque 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 Special Condition 17.6(a), 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 undertakes 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 send that bank cheque to the CommissionerCommissioner as soon as is reasonably practicable after Settlement and provide the Purchaser with a receipt for that bank cheque.
2.5 An amount withheld 17.8 Immediately following Settlement, the Purchaser must complete and paid lodge the Settlement Date Confirmation Form, or such other form as required by section 14-250 or applied as described may be approved in section accordance with subsection 16-30(3150(2) is treated as having been paid of Schedule 1 to the vendor.
2.6 Except as expressly set out in this special conditionTA Act (Purchaser Form 2) with the Commissioner, and provide evidence of such lodgement to the rights and obligations of the parties under this contract including, without restriction, any obligation of the vendor to apply the margin scheme, are unchanged.
2.7 In this special condition, ‘settlement’ means the time when the first *consideration for the *supply (other than consideration provided as a deposit) is first provided.Vendor. Draft Copy
Appears in 1 contract
Samples: Contract of Sale
GST WITHHOLDING. 2.1 In 7.1 Where the Property the subject of this special conditionContract 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 23.3) in accordance with section references are to Schedule 1 14-255 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(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 Where an amount is required to be withheld and must then make remittance paid to the commissioner.
2.4 If Australian Taxation Office (ATO) in accordance with the GST Withholding Notice (Item 23.3) the Buyer is authorised to withhold from the Balance Purchase Price and remit to the ATO the amount (GST Withholding Amount) as required in Item 23.3(2) in accordance with section 14-250 requires of the recipient Taxation Administration Act 1953 (Cth).
(2) Notwithstanding the provisions of supply to withhold an amount (‘withholding sum’Clause 7.2(1) from the consideration payable Buyer will if requested by the Seller provide 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) Seller at settlement, comply with section 16-30(3) by giving the vendor settlement 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 payable to the Commissioner of Taxation.
(d3) The Vendor may refuse to Settle if Where the Purchaser fails to produce evidence to the Vendor that the GST Withholding Amount Buyer 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 provided 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 CommissionerSeller in accordance with Clause 7.2(2) the Seller must forthwith forward such bank cheque to the ATO.
2.5 An (1) Should the Office of State Revenue not have issued a Land Tax Clearance Certificate to the Buyer by the Adjustment Date, then in such case the parties agree the Buyer will retain in his Solicitor's Trust Account such sum from the settlement monies, as the Office of State Revenue specifies in writing would be prudent to cover any land tax liability outstanding for the period up to and including 30th June immediately preceding the Adjustment Date. Upon a Land Tax Clearance Certificate issuing, the Buyer undertakes and agrees to direct the Solicitor to pay from the funds held in the Trust Account so much of those funds as may be necessary to obtain for the Buyer a Land Tax Clearance Certificate. Any balance funds remaining shall be paid to the Seller.
7.3 Where the GST Withholding Notice (Item 23.3) is not completed by the Seller, the Buyer is authorised to withhold from the Balance Purchase Price and remit to the ATO, in compliance with the GST Act, an amount withheld and paid as calculated in accordance with section 14-250(6) of the Taxation Administration Act 1953 (Cth).
7.4 Where the Buyer is required by to make a payment in accordance with section 14-250 (Taxation Administration Act 1953 (Cth)) the Buyer must lodge with the ATO the following forms:
(1) not less than 14 days prior to Settlement, a GST Property Settlement Withholding Notification (Form 1); and
(2) at or applied as described in section 16-30(3) is treated as having been paid before Settlement, a GST Property Settlement Date Confirmation (Form 2).
7.5 On or before Settlement the Buyer must provide to the vendor.Seller a copy of:
2.6 Except as expressly set out in this special condition, (1) the rights and obligations confirmation email received from the ATO following lodgement of the parties under this contract including, without restriction, any obligation of Form 1 showing the vendor to apply lodgement and payment reference numbers;
(2) the margin scheme, are unchangedForm 2 lodged with the ATO; and
(3) a competed ATO payment slip.
2.7 In this special condition, ‘settlement’ means the time when the first *consideration for the *supply (other than consideration provided as a deposit) is first provided.
Appears in 1 contract
Samples: Contract for Sale of House and Land
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 Vendor gives notice to the Commissioner may require to enable payment Purchaser of the withholding sum and;Vendor Notification in relation to the sale of the Property under this Contract.
(b) at settlement, comply with section 16-30(3Paragraphs (c) by giving - (f) of this Special Condition 23 do not apply if:
(i) the vendor a bank cheque payable Vendor Notification states that the Purchaser will not be required to pay any amount to the Commissioner Commissioner; or
(ii) the Purchaser has provided a warranty to the Vendor in connection with the supply of potential residential land that it is registered for GST and that it acquires the withholding sum or;Property for a creditable purpose.
(c) At Settlement The Purchaser must as soon as reasonably practicable after this Contract is executed:
(i) complete all Purchaser Notifications in connection with the sale of the Property based on the information contained in the Vendor Notification;
(ii) submit each Purchaser Notification to the Commissioner within the time period required by section 16-150(2) of the TAA;
(iii) provide the Vendor with a copy of each Purchaser Notification submitted to the Australian Taxation Office; and
(iv) provide the Vendor with details of each payment reference number and lodgement reference number issued by the Australian Taxation Office in respect of the Purchaser must produce written evidence to the Vendor that the Notifications (including any revised payment reference number or lodgement reference number).
(d) The Purchaser has paid must, at or before Settlement, pay the GST Withholding Amount to the Commissioner of TaxationCommissioner.
(de) The Vendor may refuse Subject to Settle if the Purchaser fails to produce evidence to first providing the Vendor with evidence that the GST Withholding Amount has been paid received by the Commissioner the Purchaser is discharged from its obligation to pay the Price 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 extent of the GST Withholding Amount.
(f) The Purchaser indemnifies and will keep the Vendor indemnified against and the representative member of any Loss arising out of or in respect of a breach GST group to which the Vendor belongs for any and all costs, fines, penalties and interest incurred by the Purchaser Vendor as a result of the Purchaser's failure to comply with its obligations under this special condition 32Special Condition 23.
(g) If the purchaser gives This Special Condition will not merge upon completion and will continue to the vendor at settlement a bank cheque payable to the Commissioner for the withholding sum, the vendor must, on the settlement date apply after expiration or within such further period (if any) as may be allowed by the Commissioner, pay the bank cheque to the Commissionertermination of this Contract.
2.5 An amount withheld (h) In this Special Condition 23:
(i) Unless the context requires otherwise, words 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 phrases used in this special condition, Special Condition that have a specific meaning in the rights A New Tax System (Goods and obligations of Services Tax) Xxx 0000 (Cth) shall have the parties under same meaning in this contract including, without restriction, any obligation of the vendor to apply the margin scheme, are unchanged.
2.7 In this special condition, ‘settlement’ means the time when the first *consideration for the *supply (other than consideration provided as a deposit) is first provided.Special Condition;
Appears in 1 contract
Samples: Contract of Sale of Real Estate
GST WITHHOLDING. 2.1 In this special condition, section references are (a) If a GST Withholding Amount is required to Schedule 1 be paid in respect 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 Property 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 mustcontract:
(ai) the Seller must serve a Seller’s GST Withholding Notice, as may be amended or updated from time to time, prior to the Settlement Date;
(ii) the Buyer or the Buyer's agent must as an Essential Term complete and lodge such online notification forms as the Commissioner may require Buyer's ATO Withholding Notice and serve evidence of having done so to enable payment of the withholding sum andSeller and to the Seller's Solicitor by no later than 5 Business Days prior to the Settlement Date;
(biii) at settlementthe Buyer or the Buyer's agent must as an Essential Term serve a written notice with:
(A) the Buyer’s Lodgement Reference Number and Payment Reference Number (or other relevant identification number) issued by the Commissioner upon lodgement of the relevant form or notification; and
(B) the Settlement Date, comply with section 16-30(3on and as a condition of Settlement; and
(iv) by giving the vendor Seller, for the purposes of clause 2.5(1) of the Terms of Contract, directs the Buyer to pay to the Seller on Settlement a bank Bank cheque payable to in favour of 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.
(fb) The Purchaser indemnifies Parties must co-operate with each other and will keep take all reasonable steps to comply with their respective obligations under Subdivision 14-E of the Vendor indemnified against Withholding Law including:
(i) provision of any Loss arising out of or in respect of a breach information reasonably requested 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 other Party for the withholding sum, the vendor must, on the settlement date purposes of determining whether a GST Withholding Amount will be payable or within such further period (if any) as may be allowed by the Commissioner, pay the bank cheque for completing any form or making any notification to the Commissioner.; and
2.5 An amount withheld and paid as required by section 14-250 (ii) making any necessary additions or applied as described in section 16-30(3) is treated as having been paid amendments to the vendor.
2.6 Except as expressly set out in this special condition, the rights and obligations of the parties under this contract including, without restriction, to address any obligation of requirement under the vendor to apply the margin scheme, are unchangedGST Act or Withholding Law.
2.7 In this special condition, ‘settlement’ means the time when the first *consideration for the *supply (other than consideration provided as a deposit) is first provided.
Appears in 1 contract
