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Our Solicitor is preparing contract for house sale. My wife…

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Our Solicitor is preparing...

Our Solicitor is preparing contract for house sale. My wife and I have been Australian residents for 45 years and both are Australian citizens. How do I obtain or download the necessary form from the ATO regarding the 12.5% that would have to be paid to Tax Office for 1 year if we were not AustraLIQAN CITIZENS?

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

I NEED TO GO INTO TORONTO. CAN YOU LET ME KNOW THE APPROPRIATE WEB PAGE RE THE 12.5% TAX ISSUE WITH RESPECT TO SELLING MY HOME. THANKING YOU

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

NO ,BOTH MYSELF AND MY WIFE JOINT PROPRIETORS ARE AUSTRALIAN CITIZENS

Submitted: 5 months ago.Category: Tax
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11/19/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

Following is the link to the form that would be completed if you were not residents of Australia.

https://www.ato.gov.au/assets/0/104/1083/1160/c1822228-a3b4-4330-a271-1a5b56e4e818.pdf

-------------------------------------

When to use the form

A clearance certificate notifies the purchaser not to withhold foreign resident capital gains from the sale of taxable Australian real property (the asset). The application form also provides the details of vendors so we can establish their tax residency status. Where there are multiple vendors disposing of the asset, each vendor should apply for a separate clearance certificate in their name only.

The entity with the legal title to the asset is required to obtain the clearance certificate. If the legal title of the property is in the name of a trustee holding the property on behalf of a trust or superannuation fund, the trustee should apply for the certificate, not the trust or super fund.

A vendor can apply for the clearance certificate online (preferred and providing faster processing) or by paper form. The application needs to be completed and lodged with us as early as practical. The vendor will need to provide the purchaser with the ATO-issued clearance certificate. This must be on or before the day of settlement of the sale of the asset to ensure no withholding occurs.

REFERENCE SOURCE:

https://www.ato.gov.au/Forms/Capital-gains-withholding-clearance-certificate-application-instructions---for-Australian-residents/

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