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Changes to the GST announced in the 2017 Budget are due to commence on July 1 and will change the way purchasers of new residential property pay their goods and service tax. The new rules will require purchasers to pay any applicable GST on the sale of the property directly to the Australian Tax Office during settlement, rather than as included in the sale price.

To get ready for the changes developers and vendors should review their existing contracts to make sure their GST clauses are in line with the new legislation.

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