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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.

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