Foreign resident capital gains tax withholding regime
Buying a property from a foreign resident? Then you may have to withhold the money before you pay to the seller.
The new withholding applies to:
- real property in Australia (including land, buildings, residential and commercial property)
- the grant of a lease over real property in Australia, where a premium is paid for the grant of the lease
- mining, quarrying or prospecting rights
- interests in Australian entities whose majority assets consist of any of the above property or interests (ie an indirect Australian real property interest), and
- options to acquire any of the above property or interests.