Following the Australian Government’s announcement that from 1 July 2018, purchasers of new residential premises or new residential subdivisions would pay the GST on the purchase price directly to the ATO as part of the settlement, the Treasury has recently released its draft legislation for public consultation.

The exposure draft released includes amendments to the Taxation Administration Act 1953, and consequential amendments to the A New Tax System (Goods and Services) Act 1999 and the Income Tax Assessment Act 1997.

Stakeholders are invited to submit their comments to the Treasury by Monday 20 November 2017. The exposure draft and explanatory material are available here.

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