100% Locally Owned, Independent and Free

100% Locally Owned, Independent and Free

B2B column: The other certainty in life ...

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Region’s newest heritage trail launched

Sunshine Coast Council has unveiled a new heritage walk that showcases a town's history, including its First Nations significance and timber heritage. The Landsborough Heritage Walk More

Falcons and Storm to end decade-long partnership

The Sunshine Coast Falcons have confirmed their long-standing feeder club affiliation with the Melbourne Storm will come to an end after the 2025 season. The More

Photo of the day: ocean paddlers

Paddlers off Kings Beach at Caloundra, by Lesley Evans. If you have a photo of the day offering, email photo@sunshinecoastnews.com.au. Photos must be horizontal/landscape and More

Lucrative prizes on the line for freshwater fish

The state’s most successful recreational fishing initiative is gearing up for a major milestone. The Stocked Impoundment Permit Scheme (SIPS) is marking 25 years, with More

Young man dies in Kandanga crash

A 19-year-old has died after a campervan veered off the roadway and crashed near Kandanga Creek bridge early on Sunday morning. Police and emergency crews More

Two dead in crash with stolen car near Gympie

Two people have died following a crash involving a stolen vehicle at Chatsworth yesterday afternoon. About 3pm, emergency services were called to a three-vehicle crash More

This week we look at taxes and whether you need an ATO Clearance Certificate when selling property.

The answer is yes if: i) you are selling real estate over $750,000; and ii) you don’t want 12.5 per cent of the sale price to be paid to the ATO.

The ATO requires the Certificate to be obtained before settlement or the Purchaser must withhold 12.5 per cent of the purchase price (the foreign resident capital gains withholding amount).

The Certificate is confirmation you are not a foreign resident. You need to obtain it even if you are an Australian citizen.

You have no rights under the standard contract terms to delay settlement to obtain the Certificate.

The application for the Certificate is usually fairly straightforward, however, it should be applied for as soon as possible once a Contract is signed.

It’s likely that you have planned how to spend the sale proceeds after settlement and often they are needed as part of the funds to buy another property.

Don’t risk having to pay 12.5 per cent of your sale proceeds to the ATO and suffering significant delays in receiving the full settlement proceeds.

Contact us prior to signing a contract if you have any questions about the Certificate.

Trent Wakerley, Director, Kruger Law, Level 3 Ocean Central, Ocean Street, Maroochydore, 5443 9600, krugerlaw.com.au

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your name and email below.

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