Hi,

Capital Gains Withholding Provisions change on Saturday, 1st July 2017, in respect of both the sale price threshold and the withholding percentage.

For the sale of all properties where:

• The sales contract is entered into on or after 1st July 2017; and
• The contract price is $750,000 or more (currently $2,000,000);

the Buyer must withhold 12.5% (currently 10%) of the purchase price and pay such monies to the Australian Taxation Office (ATO) on or before settlement, unless the Seller has obtained a Clearance Certificate from the ATO (Taxation Administration Act 1953 (CTH) - Subdivision 14-D).

The existing threshold and rate will apply for any contracts that are entered into before 1st July 2017, even if they are not due to settle until after 1st July 2017.

For more information about the new provisions click here

We have updated the sales threshold and withholding rate, to reflect the new amounts, in the 'Withholding - Capital Gains' clause in our sales contracts and in the 'Capital Gains Withholding Payment' Item in the Item Schedule of all Sales Agency Appointments (PO Form 6). These changes will be released in ADLForms on Saturday 1st July 2017.

The changed forms are:

• AUQLDRECM012 Contract For Sale of Commercial Land and Buildings
• AUQLDRECM015 Contract For Sale of Commercial Lots in a Community Titles Scheme
• AUQLDRECM026 Contract For Sale of Business
• AUQLDRECMA01 PO Form 6 - with Schedule for Commercial Sales
• AUQLDRECMA02 PO Form 6 - with Schedule for Business Sales
• AUQLDREPS002 Contract for Sale of House and Land
• AUQLDREPS004 Contract for Sale of Residential Lots in a Community Titles Scheme
• AUQLDREPSA01 PO Form 6 - with Schedule for Residential Sales
• AUQLDREPSA02 PO Form 6 - with Schedule for Residential Sales (with Listing Form attached)
• AUQLDREPSA03 PO Form 6 - with Schedule for Residential Sales (with CMA attached)
• AUQLDREPSA04 PO Form 6 - with Schedule for Residential Sales (with Listing Form and CMA attached)

1. Updating ADLForms

ADLForms should automatically update to allow access to the new forms and the latest version of the software (9.4.6) when you first open ADLForms on Saturday 1st July. If this does not occur then:

1. Click the 'Update' button from the main menu of the program. Please allow a few minutes for the forms and/or program to download and install.
2. If this fails to update your forms then:
   • Select Tools -> 'Re-initialise ADLForms’ from within the Main Menu of the ADLForms program. This will close the program.
   • Restart ADLForms and click the 'Update' button.
3. If you still do not have the updated forms click here to download and re-install ADLForms.
4. If all the above do not result in a successful forms and program update please contact our tech support team for assistance.

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