REIWA
If you're planning to sell a property, proposed changes to the Foreign Resident Capital Gains Withholding (FRCGW) rules could impact you. Starting 1 January 2025 (pending the Bill passing in Parliament), the $750,000 threshold will be removed, and the withholding rate will increase from 12.5% to 15%.
What this means for sellers:
- Australian residents and citizens are exempt but must apply for an exemption certificate from the ATO.
- Certificates are valid for 12 months and should be applied for early in the sales process to avoid delays at settlement.
REIWA is keeping a close watch on these changes and will continue to provide guidance to help you navigate the new requirements.
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