New Commonwealth tax requirements mean the NSW Office of State (“OSR”) revenue is now required to collect information in regards to transfer of freehold and leasehold realty and supply it to the Australian Taxation Office (“ATO”).
The OSR must supply transactional reports including land title information, transfer prices, settlement dates, identity of parties involved including their resident status. The submission of such details is intended to aid the enforcement of foreign resident property investment taxes, and with use in relation to the National Register of Foreign Ownership of Land Titles. However, will also be used in wider information-matching and compliance checking procedures by the ATO.
Current obligations by vendors and purchasers will remain the same, as the OSR will supply all information directly to the ATO.