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Margin Sheme

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Hi there,

 

We recently settled on a property.  The sale was made using the margin scheme.  The GST Withholding notification was provided to the purchaser along with the amount to withhold.  After settlement I noticed the ABN on the form was incorrect and having checked, the ABN quoted doesn't exist.  What is the process when the purchaser withholds?  I am yet to see the amount withheld appear on the ATO account,  but I have since provided our solicitor with a payment form noting the ATO generated EFT code.  I am surprised I wasn't asked for this prior to settlement and am wondering what the process is with these type of withholding arrangements?  TIA.

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Community Manager

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Hi @PHab1711,


Thanks for your question.


I would suggest you have a look at the page on our website GST at settlement; the procedure is listed for both parties.

Hope this helps,
KylieS

 

1 REPLY 1
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Best answer

Community Manager

Replies 0

Hi @PHab1711,


Thanks for your question.


I would suggest you have a look at the page on our website GST at settlement; the procedure is listed for both parties.

Hope this helps,
KylieS