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Australia Publishes Guidance on New Rules for Property Capital Gains Withholding — Orbitax Tax News & Alerts

On 13 May 2016, the Australian Taxation Office published updated guidance on the country's new rules for foreign resident capital gains withholding and on 19 May published additional guidance on the related clearance certificate requirements for Australian resident vendors. The new rules were introduced as part of the Tax and Superannuation Laws Amendment (2015 Measures No. 6) Act ({News-2016-02-25/A/2- previous coverage}) and include a 10% withholding tax to be withheld by the buyer of certain Australian real property and property rights. The new rules apply from 1 July 2016.

Click the following link for the Foreign resident capital gains withholding guidance (13 May) and the Property withholding rules explained (19 May).