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From the Back Newsletter: Foreign Resident Capital Gains Withholding Regime
From the Back Newsletter
Foreign Resident Capital Gains Withholding Regime
Bank fees not penalties - High Court has the final say
• The High Court has recently given its long-awaited opinion on the legality of bank fees in Paciocco v Australian New Zealand Banking Group [2016] HCA 28.
• Case involved a class action against banks for charging exception fees, including late fees.
• The High Court found in favour of the banks, holding that they were entitled to protect their legitimate business interests by charging fees.
Business Acquisitions - structuring the deal
Business Acquisitions Presentation
Structuring the deal
From the Back Newsletter: Business Acquisitions - Structuring the Deal
From the Back Newsletter
Business Acquisitions - Structuring the Deal
Commercial Leases - key issues for tenants
Commercial Leases Presentation
Key issues for tenants
Buyer beware – Purchasers required to withhold amounts for certain property purchases
• From 1 July 2016, purchasers must retain 10% of the purchase price and remit to the ATO.
• Applies to taxable Australian property valued at $2 million or more (including real property – land and buildings). Some exceptions apply.
• Vendor may not receive full purchase price unless they supply a clearance certificate or vendor’s declaration, proving they are not a foreign resident.
• Penalties apply to purchasers who fail to retain the 10% when required to do so.
• Measure is implemented to stop foreign resident vendors escaping their capital gains tax liabilities on sale of real property and other assets.