Assuris Financial Independence Group’s Post

There’s been some significant changes to the Foreign Resident Capital Gains Withholding (FRCGW) rules that will come into effect on 1 January 2025. These changes will impact all property transactions in Australia. Key changes include: 1. Increased Withholding Rate: The withholding rate will increase from 12.5% to 15%. 2. Removal of Property Value Threshold: The $750,000 property value threshold will be removed. The withholding rules will now apply to all property sales, regardless of the sale price. Find out more information below via the ATO:

🚨 IMPORTANT UPDATE – BILL PASSED 🚨 For all our industry partners, Real Estate Agents, Finance Brokers, Lenders and clients these important changes to Foreign resident capital gains withholding changes are for you ‼️ The Bill introducing changes to the Foreign Resident Capital Gains Withholding Regime has passed the Senate and is now awaiting Royal Assent. 📜✔️ Here’s what’s changing: ➡️ The withholding rate will increase from 12.5% to 15%. ➡️ The $750,000 property value threshold will be removed, meaning the rules will apply to all property sales. ➡️ These changes will apply to contracts entered into on or after 1 January 2025. Contracts signed before this date will remain under the current rules. Once Royal Assent is granted, updates will be reflected on the Parliamentary webpage for the Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Bill 2024. 🏛️ The ATO will also update their instructional and web materials to guide us through the new requirements. 🔄 Stay informed and prepare for these changes to ensure compliance January 1st 2025 is just around the corner. Visit https://lnkd.in/ghfkfyae To learn more speak to Angie Nguyen - Convey Property Settlements #Conveyancing #TaxUpdate #ForeignResidentWithholding #PropertyLaw #CapitalGainsTax #RealEstate #Compliance #ATO

Are you and your clients prepared for the changes ?

The Foreign resident capital gains withholding (FRCGW) rules will change from 1 January 2025. Under the changes, Australian residents selling property must provide a clearance certificate to the purchaser at or before settlement to avoid having 15% withheld from a property sale (previouslty12.5%) for any property regardless of its value (previously a $750,000 threshold). All Australian residents selling property will require a clearance certificate from the ATO, or withholding will apply to the transaction. If an Australian resident vendor doesn't provide a clearance certificate by settlement, 15% of the sale price must be withheld by the purchaser and paid to the ATO. Finally, if an amount is withheld from the sale price, the vendor will only receive any refund due after their next income tax return is processed at tax time. #accountants #advisors #virtualcfoservices

🚨 Attention Foreign Property Sellers in Australia! 🚨 Starting 1 January 2025, major changes to Foreign Resident Capital Gains Withholding (FRCGW) laws could affect your property sale. Here’s what you need to know: 🔸 $750,000 threshold removed: The withholding tax will now apply to ALL property sales by foreign residents, regardless of value. 🔸 Increased withholding rate: The rate will rise from 12.5% to 15%. 🔸 Act now to save: If you settle your property sale before 31 December 2024, you can take advantage of the current rules. Australian residents are exempt but must still secure an exemption certificate from the ATO early to avoid settlement delays. If you're a foreign property owner considering selling, now is the time to act. Don't wait—settling before the new rules take effect could save you thousands. 📞 Contact me today for expert guidance and a stress-free sale process before these changes impact your plans! #PropertySales #ForeignInvestors #RealEstateNews #PerthRealEstate #Karrinyup #Trigg #PerthProperty #Singaporeproperty #HongKongproperty #FIRB #AustralinaProperty #AustralianRealEstate

Are you planning to sell your property? You must read this. The ATO has announced significant changes to the Foreign Resident Capital Gains Withholding rules, effective from 1 January 2025. Here’s what’s changing: Increased withholding rate: The rate will rise from 12.5% to 15%. No property value threshold: The $750,000 threshold will be removed, meaning the withholding rules will now apply to all property sales, regardless of value. For more information, click the link below: https://lnkd.in/dAFZVb5P

The foreign resident capital gains withholding (FRCGW) rules are changing on 1 January 2025: - the withholding rate will increase from 12.5% to 15% - the $750,000 property value threshold will be removed and the withholding rules will apply to all property transfers. For all real property transactions, all vendors are required to supply a valid clearance certificate from the Australian Taxation Office, or withholding will apply. Without a valid clearance certificate at or before settlement, 15% of the market value of the property (typically the purchase price) or an ATO approved varied amount must be withheld by the purchaser and paid to the ATO at settlement. The changes will apply to contracts entered on or after 1 January 2025. Read further: https://lnkd.in/gvQZ__UY

Please note that the Foreign Resident Capital Gains Withholding (FRCGW) rules are changing from 1 January 2025 that: 1. the $750,000 threshold will be removed, and 2. the withholding rate will increase from 12.5% to 15%. This means that when a foreign vendor is selling a property on and after 1 January 2025, the purchaser will be required to withhold 15% of the sale price and pay it to ATO at settlement. And this amount won't usually be refundable but credited in the vendor's tax account from which his or her tax liabilities be deducted. This change especially signifies that the foreign investors need to take an effective investment strategy that is customised to their own investment plans even for the properties of small sizes. Please call me on 0450 707 873 if you are in need of legal advice in relation to your acquisition and tax saving plans.

In this article, I look at some of the proposed government changes impacting property transactions in Australia, including increased withholding rates affecting foreign resident vendors and a reduction in the withholding threshold that could affect all vendors. Learn how the proposed adjustments to the Foreign Resident Capital Gains Withholding regime could significantly affect your next real estate deal. https://lnkd.in/gg3UvSta

Are you a Securities Dealer Licensee (SDL) in Seychelles? Ensuring compliance with the substantial activity requirements could qualify you for a preferential tax rate of 1.5% on gross revenue for the year 2024. If these requirements are not met, SDLs will be subject to the general business tax rate of Seychelles. Here’s what you need to do: 1. Request a written confirmation from the FSA, including: • A covering letter from the SDL. • The designated self-declaration form for substantial activity requirements. • An establishment list and organisational structure, highlighting any changes during the assessed year. 2. Submit the FSA’s determination along with your Company’s Annual Business Tax Return to the Seychelles Revenue Commission (SRC) by the deadline. Contact us to see how we can add value to your business: ☎ +357 25 34 00 25 📧 info@fivecomply.com 💼 fivecomply.com #FiveComply #5Comply #teamofexperts #TaxBenefits #preferentialtaxrate #SubstantialActivity #Compliance #Seychelles #Finance #compliancesupport