Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

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

Customer Question
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: 8 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 29 minutes by:
11/19/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,758
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is***** am reading over your inquiry. I will respond to you shortly.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 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/

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

In closing, my goal is to provide you with the best experience possible! Hopefully, the service that I have provided has earned a 5-star rating! Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave today. Thank you in advance. If you require further assistance, use the reply box and let me know.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,758
4,758 Satisfied Customers
Experience: 3+ decades of varied tax industry exp. Tax Biz owner

Tax.appeal.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Need a clearance for foreign resident holding tax, Am
Am selling housr and settlement agent states we need a clearance certificate from ATO … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,444 satisfied customers
I have been asked to take up a position entity in Fiji. I
Hello. I have been asked to take up a position for an entity in Fiji. I will earn the income in Fiji, and pay Fiji tax. My wife works for an Australian company, but does a lot of her work over the int… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My wife is a US citizen. I am a US Green Card holder. We previously
My wife is a US citizen. I am a US Green Card holder. We previously lived in the UK, but are now resident in the US. I am about to file an 8802 so that we can stop being taxed in the UK. Do I need to … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I'm Mike. Am I required to report australian superannuation
I'm Mike. Am I required to report australian superannuation contibutions from my employer as ordinary income for the US?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Hi, I earn $129,000 my partner does not work, she has 2 investment
Hi, I earn $129,000 my partner does not work, she has 2 investment properties in the uk but hasn't transferred any money to Australia since 2012. We have a child together and have separate private med… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My wife and I started an antique business in 2011. we had
My wife and I started an antique business in 2011. we had to close it due to non profitability in 2012. the business was a LLC. how do we write off the losses from the bussiness on our personal taxes?… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,758 satisfied customers
I registered a two-member, husband/wife LLC in Idaho last year
I registered a two-member, husband/wife LLC in Idaho last year (2011). The business failed, doing only $20 in sales for $6 in profit. I'm completing form 1065 now. There is virtually no data to input … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
i am employed, and in addition own a small business which i
i am employed, and in addition own a small business which i run together with my wife. for 2010 we did a joint return and split the profit 50-50 between me and my wife. for 2011 (for personal reasons)… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,758 satisfied customers
I have separated from my wife and I have to sell my UK investment
I have separated from my wife and I have to sell my UK investment property as part of the settlement - it there anything I can do to minimise capital gains tax?… read more
Expert
Expert
I am a 58 year old sole proprietor consultant with profits
I am a 58 year old sole proprietor consultant with profits in excess of $350,000 for fiscal 2011. I have an existing SEP and am thinking of funding a separate SEP for my spouse who works doing the boo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have an LLC but with no income to report in this first financial
I have an LLC but with no income to report in this first financial year. MY business is registered in NJ. Do I need to submit a return?… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
Hi there, My husband is australian, and we were living in
Hi there, My husband is australian, and we were living in melbourne until January 2010. We now live in Singapore, my husband is working on a local package (not an expatriate contract). We have a house… read more
Expert
Expert
My son is married to an Australian lady. He is being paid
My son is married to an Australian lady. He is being paid by a US firm in US dollars, he has also done some local work. He is filing his taxes but some people have told him not to claim his wife and s… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife, a naturalized US citizen wishes to sell a piece of
My wife, a naturalized US citizen wishes to sell a piece of property in her home country and take the money and eventually re-invest it in a property here in the US. Is the sale of the property in her… read more
socrateaser
socrateaser
1,452 satisfied customers
Husband and wife buy a house together while married. Husband
Husband and wife buy a house together while married. Husband is the only person on deed and loan. Husband dies without a will. Does the house require probate to transfer to the wife or does it belong … read more
socrateaser
socrateaser
1,452 satisfied customers
My wife and I formed an LLC this year for our small farm. We
My wife and I formed an LLC this year for our small farm. We are 50% owners of the business. We are in Oregon (not a community property state). I'm wondering how to convert the LLC from partnership to… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
I am 64 and going to start drawing my Social Security in ...
I am 64 and going to start drawing my Social Security in August when my teaching contract runs out. My school (private) asked me to consult to them for 1 year in technology support. I want to do this … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I am planning an accepting a job in Toronto with a ...
I am planning an accepting a job in Toronto with a base salary of US$180,000. I am 58 years old and single. How much more taxes will I have to pay in Toronto versus Florida in US? I will not own a hou… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x