Common use of RESIDENTIAL WITHHOLDING TAX Clause in Contracts

RESIDENTIAL WITHHOLDING TAX. 45.1 In this clause 45 the following words have the following meanings: Withholding Law means Subdivision 14 of Schedule 1 of the Taxation Administration Act 1953 (Cth) and associated provisions. 45.2 The Seller must provide the Buyer with the RW Amount Information no later than 28 days prior to the Date for Completion. 45.3 If the ‘Buyer required to make a withholding payment?’ option on the Schedule is selected ‘no’ or if no selection is made, the Seller warrants to the Buyer that the Buyer is not required to make a payment under section 14‑250 in relation to the supply of the Land from the Seller to the Buyer. 45.4 The following clauses 45.5 to 45.14 inclusive only apply if the ‘Buyer required to make a withholding payment?’ option on the Schedule is selected ‘yes’. 45.5 Subject to any adjustments to the Price or non-monetary consideration that may arise after the date that the RW Amount Information is provided in accordance with clause 45.2 and which affect the RW Amount, the Seller warrants to the Buyer on the date that the RW Amount Information is provided to the Buyer that the Seller has provided the Buyer with the information required under section 14-255 of the Withholding Law in relation to the supply of the Land from the Seller to the Buyer, and that this information is true and correct to the Seller’s knowledge. 45.6 The Buyer must provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO at least 10 Working Days prior to the Date for Completion. 45.7 The Buyer must provide the Seller with evidence of submission by the Buyer to the ATO of the ‘GST property settlement date confirmation online form’, with such evidence to be provided prior to or on Completion. 45.8 The Seller irrevocably instructs the Buyer to draw as part of the Price, and the Buyer must draw and give to the Seller on Completion, an unendorsed bank cheque payable to the ATO for the RW Amount. 45.9 The Seller must forward the unendorsed bank cheque provided under clause 45.8 to the ATO within 5 Working Days following Completion and provide the Buyer with evidence of payment of the RW Amount to the ATO. 45.10 The Buyer and Seller must comply with all ATO requirements in relation to the Withholding Law and must also assist and co-operate with each other in order to ensure that those requirements are met. If necessary to give effect to this clause, the Buyer appoints the Seller as its agent of the purpose of completing any notification required to be given by the Buyer to the ATO. 45.11 The Seller may provide the Buyer with updated RW Amount Information at any time, and (if necessary) on more than one occasion, prior to Completion. If the Seller provides the Buyer with updated RW Amount Information in accordance with this clause, the Buyer must, within 3 Working Days of receipt of the RW Amount Information, provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO including the updated RW Amount Information. 45.12 The Seller indemnifies the Buyer against the amount of any penalties or interest charges imposed by the ATO on the Buyer (or the relevant recipient of the supply) arising from any failure by the Seller to forward the unendorsed bank cheque required by clause 45.8 to the ATO. 45.13 If the ‘Subdivision of potential residential land?’ option on the Schedule is selected ‘yes’ and the Buyer (or the relevant recipient for GST purposes) is: (a) registered for GST purposes; and (b) acquiring the Land for a creditable purpose; (c) 10 Working Days before the Date for Completion; or (d) 20 Working Days after the Date of this Contract. 45.14 Where the Buyer has provided the statement referred to in clause 45.13 the Buyer indemnifies the Seller against the amount of any penalties or interest charges imposed by the ATO on the Seller (or the relevant entity making the supply of the Land).

RESIDENTIAL WITHHOLDING TAX. 45.1 Warning: The following clauses 40.1 to 40.14 are subject to the Withholding Law, and do not encompass all obligations under the Withholding Law. 40.1 In this clause 45 40 the following words have the following meanings: Withholding Law means Subdivision 14 of Schedule 1 of the Taxation Administration Act 1953 (Cth) and associated provisions.: 45.2 40.2 The Seller must provide the Buyer with the RW Amount Information no later than 28 days prior to the Date for Completion. 45.3 40.3 If the ‘Buyer RW Amount required to make a withholding paymentbe paid?’ option on the Schedule is selected ‘no’ or if no selection is made, the Seller warrants to the Buyer that the Buyer is not required to make a payment under section 14‑250 in relation to the supply of the Land from the Seller to the Buyer. 45.4 40.4 The following clauses 45.5 40.5 to 45.14 40.14 inclusive only apply if the ‘Buyer RW Amount required to make a withholding paymentbe paid ?’ option on the Schedule is selected ‘yes’. 45.5 40.5 Subject to any adjustments to the Price or non-monetary consideration that may arise after the date that the RW Amount Information is provided in accordance with clause 45.2 40.2 and which affect the RW Amount, the Seller warrants to the Buyer on the date that the RW Amount Information is provided to the Buyer that the Seller has provided the Buyer with the information required under section 14-255 of the Withholding Law in relation to the supply of the Land from the Seller to the Buyer, and that this information is true and correct to the Seller’s knowledge. 45.6 40.6 The Buyer must provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO at least 10 Working Days prior to the Date for Completion. 45.7 40.7 The Buyer must provide the Seller with evidence of submission by the Buyer to the ATO of the ‘GST property settlement date confirmation online form’, with such evidence to be provided prior to or on Completion. 45.8 40.8 The Seller irrevocably instructs the Buyer to draw as part of the Price, and the Buyer must draw and give to the Seller on Completion, an unendorsed bank cheque payable to the ATO for the RW Amount. 45.9 40.9 The Seller must forward the unendorsed bank cheque provided under clause 45.8 40.8 to the ATO within 5 Working Days following Completion and provide the Buyer with evidence of payment of the RW Amount to the ATO. 45.10 40.10 The Buyer and Seller must comply with all ATO requirements in relation to the Withholding Law and must also assist and co-operate with each other in order to ensure that those requirements are met. If necessary to give effect to this clause, the Buyer appoints the Seller as its agent of for the purpose of completing any notification required to be given by the Buyer to the ATO. 45.11 40.11 The Seller may provide the Buyer with updated RW Amount Information at any time, and (if necessary) on more than one occasion, prior to Completion. If the Seller provides the Buyer with updated RW Amount Information in accordance with this clause, the Buyer must, within 3 Working Days of receipt of the RW Amount Information, provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO including the updated RW Amount Information. 45.12 40.12 The Seller indemnifies the Buyer against the amount of any penalties or interest charges imposed by the ATO on the Buyer (or the relevant recipient of the supply) arising from any failure by the Seller to forward the unendorsed bank cheque required by clause 45.8 40.8 to the ATO. 45.13 40.13 If the ‘Subdivision of potential residential landPotential Residential Premises?’ option on the Schedule is selected ‘yes’ and the Buyer (or the relevant recipient for GST purposes) is: (a) registered for GST purposes; and (b) acquiring the Land for a creditable purpose;; the Buyer must provide the Seller with a statement to that effect on the earlier of: (c) 10 Working Days before the Date for Completion; or (d) 20 Working Days after the Date of this Contract. 45.14 40.14 Where the Buyer has provided the statement referred to in clause 45.13 40.13 the Buyer indemnifies the Seller against the amount of any penalties or interest charges imposed by the ATO on the Seller (or the relevant entity making the supply of the Land).

RESIDENTIAL WITHHOLDING TAX. 45.1 Warning: The following clauses 39.1 to 39.14 are subject to the Withholding Law, and do not encompass all obligations under the Withholding Law. 39.1 In this clause 45 39 the following words have the following meanings: Withholding Law means Subdivision 14 of Schedule 1 of the Taxation Administration Act 1953 (Cth) and associated provisions.: 45.2 39.2 The Seller must provide the Buyer with the RW Amount Information no later than 28 days prior to the Date for Completion. 45.3 39.3 If the ‘Buyer RW Amount required to make a withholding paymentbe paid?’ option on the Schedule is selected ‘no’ or if no selection is made, the Seller warrants to the Buyer that the Buyer is not required to make a payment under section 14‑250 in relation to the supply of the Land from the Seller to the Buyer. 45.4 39.4 The following clauses 45.5 39.5 to 45.14 39.14 inclusive only apply if the ‘Buyer RW Amount required to make a withholding paymentbe paid ?’ option on the Schedule is selected ‘yes’. 45.5 39.5 Subject to any adjustments to the Price or non-monetary consideration that may arise after the date that the RW Amount Information is provided in accordance with clause 45.2 39.2 and which affect the RW Amount, the Seller warrants to the Buyer on the date that the RW Amount Information is provided to the Buyer that the Seller has provided the Buyer with the information required under section 14-255 of the Withholding Law in relation to the supply of the Land from the Seller to the Buyer, and that this information is true and correct to the Seller’s knowledge. 45.6 39.6 The Buyer must provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO at least 10 Working Days prior to the Date for Completion. 45.7 39.7 The Buyer must provide the Seller with evidence of submission by the Buyer to the ATO of the ‘GST property settlement date confirmation online form’, with such evidence to be provided prior to or on Completion. 45.8 39.8 The Seller irrevocably instructs the Buyer to draw as part of the Price, and the Buyer must draw and give to the Seller on Completion, an unendorsed bank cheque payable to the ATO for the RW Amount. 45.9 39.9 The Seller must forward the unendorsed bank cheque provided under clause 45.8 39.8 to the ATO within 5 Working Days following Completion and provide the Buyer with evidence of payment of the RW Amount to the ATO. 45.10 39.10 The Buyer and Seller must comply with all ATO requirements in relation to the Withholding Law and must also assist and co-operate with each other in order to ensure that those requirements are met. If necessary to give effect to this clause, the Buyer appoints the Seller as its agent of for the purpose of completing any notification required to be given by the Buyer to the ATO. 45.11 39.11 The Seller may provide the Buyer with updated RW Amount Information at any time, and (if necessary) on more than one occasion, prior to Completion. If the Seller provides the Buyer with updated RW Amount Information in accordance with this clause, the Buyer must, within 3 Working Days of receipt of the RW Amount Information, provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO including the updated RW Amount Information. 45.12 39.12 The Seller indemnifies the Buyer against the amount of any penalties or interest charges imposed by the ATO on the Buyer (or the relevant recipient of the supply) arising from any failure by the Seller to forward the unendorsed bank cheque required by clause 45.8 39.8 to the ATO. 45.13 39.13 If the ‘Subdivision of potential residential landPotential Residential Premises?’ option on the Schedule is selected ‘yes’ and the Buyer (or the relevant recipient for GST purposes) is: (a) registered for GST purposes; and (b) acquiring the Land for a creditable purpose;; the Buyer must provide the Seller with a statement to that effect on the earlier of: (c) 10 Working Days before the Date for Completion; or (d) 20 Working Days after the Date of this Contract. 45.14 39.14 Where the Buyer has provided the statement referred to in clause 45.13 39.13 the Buyer indemnifies the Seller against the amount of any penalties or interest charges imposed by the ATO on the Seller (or the relevant entity making the supply of the Land).

RESIDENTIAL WITHHOLDING TAX. Warning: The following clauses 45.1 to 45.14 are subject to the Withholding Law, and do not encompass all obligations under the Withholding Law. 45.1 In this clause 45 the following words have the following meanings: meanings:‌ Withholding Law means Subdivision 14 of Schedule 1 of the Taxation Administration Act 1953 (Cth) and associated provisions. 45.2 The Seller must provide the Buyer with the RW Amount Information no later than 28 days prior to the Date for Completion.Completion.‌ 45.3 If the ‘Buyer required to make a withholding payment?’ option on the Schedule is selected ‘no’ or if no selection is made, the Seller warrants to the Buyer that the Buyer is not required to make a payment under section 14‑250 in relation to the supply of the Land from the Seller to the Buyer. 45.4 The following clauses 45.5 to 45.14 inclusive only apply if the ‘Buyer required to make a withholding payment?’ option on the Schedule is selected ‘yes’. 45.5 Subject to any adjustments to the Price or non-monetary consideration that may arise after the date that the RW Amount Information is provided in accordance with clause 45.2 and which affect the RW Amount, the Seller warrants to the Buyer on the date that the RW Amount Information is provided to the Buyer that the Seller has provided the Buyer with the information required under section 14-255 of the Withholding Law in relation to the supply of the Land from the Seller to the Buyer, and that this information is true and correct to the Seller’s knowledge.knowledge.‌ 45.6 The Buyer must provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO at least 10 Working Days prior to the Date for Completion. 45.7 The Buyer must provide the Seller with evidence of submission by the Buyer to the ATO of the ‘GST property settlement date confirmation online form’, with such evidence to be provided prior to or on Completion. 45.8 The Seller irrevocably instructs the Buyer to draw as part of the Price, and the Buyer must draw and give to the Seller on Completion, an unendorsed bank cheque payable to the ATO for the RW Amount.Amount.‌ 45.9 The Seller must forward the unendorsed bank cheque provided under clause 45.8 to the ATO within 5 Working Days following Completion and provide the Buyer with evidence of payment of the RW Amount to the ATO. 45.10 The Buyer and Seller must comply with all ATO requirements in relation to the Withholding Law and must also assist and co-operate with each other in order to ensure that those requirements are met. If necessary to give effect to this clause, the Buyer appoints the Seller as its agent of the purpose of completing any notification required to be given by the Buyer to the ATO. 45.11 The Seller may provide the Buyer with updated RW Amount Information at any time, and (if necessary) on more than one occasion, prior to Completion. If the Seller provides the Buyer with updated RW Amount Information in accordance with this clause, the Buyer must, within 3 Working Days of receipt of the RW Amount Information, provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO including the updated RW Amount Information. 45.12 The Seller indemnifies the Buyer against the amount of any penalties or interest charges imposed by the ATO on the Buyer (or the relevant recipient of the supply) arising from any failure by the Seller to forward the unendorsed bank cheque required by clause 45.8 to the ATO. 45.13 If the ‘Subdivision of potential residential land?’ option on the Schedule is selected ‘yes’ and the Buyer (or the relevant recipient for GST purposes) is:is:‌ (a) registered for GST purposes; and (b) acquiring the Land for a creditable purpose; (c) 10 Working Days before the Date for Completion; or (d) 20 Working Days after the Date of this Contract. 45.14 Where the Buyer has provided the statement referred to in clause 45.13 the Buyer indemnifies the Seller against the amount of any penalties or interest charges imposed by the ATO on the Seller (or the relevant entity making the supply of the Land).Land).‌

RESIDENTIAL WITHHOLDING TAX. 45.1 In this clause 45 Warning: The following clauses 44.1 to 45.2 are subject to the following words have Withholding Law, and do not encompass all obligations under the following meanings: Withholding Law means Subdivision 14 of Schedule 1 of the Taxation Administration Act 1953 (Cth) and associated provisionsLaw. 45.2 44.1 The Seller must provide the Buyer with the RW Amount Information no later than 28 days prior to the Date for Completion. 45.3 44.2 If the ‘Buyer required to make a withholding payment?’ option on the Schedule is selected ‘no’ or if no selection is made, the Seller warrants to the Buyer that the Buyer is not required to make a payment under section 14‑250 of the Withholding Law in relation to the supply of the Land from f rom the Seller to the Buyer. 45.4 44.3 The following clauses 45.5 44.4 to 45.14 45.2 inclusive only apply if the ‘Buyer required to make a withholding payment?’ option on the Schedule is selected ‘yes’. 45.5 44.4 Subject to any adjustments to the Price or non-monetary consideration that may arise after the date that the RW Amount Information is provided in accordance with clause 45.2 Error! Reference source not found. and which affect the RW Amount, the Seller warrants to the Buyer on the date that the RW Amount Information is provided to the Buyer that the Seller has provided the Buyer with the information required under section 14section14-255 of the Withholding Law in relation to the supply of the Land from the Seller to the Buyer, and that this information is true and correct to the Seller’s knowledge. 45.6 44.5 The Buyer must provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO at least 10 Working Days 14 days prior to the Date for Completion. 45.7 44.6 The Buyer must provide the Seller with evidence of submission by the Buyer to the ATO of the ‘GST property settlement date confirmation online form’, with such evidence to be provided prior to or on Completion. 45.8 44.7 The Seller irrevocably instructs the Buyer to draw as part of the Price, and the Buyer must draw and give to the Seller on Completion, an unendorsed bank cheque payable to the ATO for the RW Amount. 45.9 44.8 The Seller must forward the unendorsed bank cheque provided under clause 45.8 Error! Reference source not found. to the ATO as soon as possible but within 5 Working Days 7 days following Completion and provide the Buyer with evidence of payment of the RW Amount to the ATO. 45.10 44.9 The Buyer and Seller must comply with all ATO requirements in relation to the Withholding Law and must also assist and co-operate with each other in order to ensure that those requirements are met. If necessary to give effect to this clauseclause 44, the Buyer appoints the Seller as its agent of the purpose of completing any notification required to be given by the Buyer to the ATO. 45.11 44.10 The Seller may provide the Buyer with updated RW Amount Information at any time, and (if necessary) on more than one occasion, prior to Completion. If the Seller provides the Buyer with updated RW Amount Information in accordance with this clauseclause 44, the Buyer must, within 3 Working Days days of receipt of the RW Amount Information, provide the Seller with a copy of the ‘GST property settlement withholding notification online form’ confirmation email (or emails, if applicable) issued to the Buyer by the ATO including the updated RW Amount Information. 45.12 44.11 The Seller indemnifies the Buyer against the amount of any penalties or interest charges imposed by the ATO on the Buyer (or the relevant recipient of the supply) arising from any failure by the Seller to forward the unendorsed bank cheque required by clause 45.8 Error! Reference source not found. to the ATO. 45.13 If the ‘Subdivision of potential residential land?’ option on the Schedule is selected ‘yes’ and the Buyer (or the relevant recipient for GST purposes) is: (a) registered for GST purposes; and (b) acquiring the Land for a creditable purpose; (c) 10 Working Days before the Date for Completion; or (d) 20 Working Days after the Date of this Contract. 45.14 Where the Buyer has provided the statement referred to in clause 45.13 the Buyer indemnifies the Seller against the amount of any penalties or interest charges imposed by the ATO on the Seller (or the relevant entity making the supply of the Land).