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Changes to ATO clearance certificate legislation

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You have probably heard by now, that as of January 1, 2025, new legislation came into effect surrounding the ATO Foreign Resident Clearance Certificates. Previously, sellers were only required to obtain and provide a clearance certificate to the buyer prior to settlement if the sale price was $750,000.00 or over.

Now, all sellers of residential property must provide a clearance certificate to buyers prior to settlement, regardless of the purchase price.

Failure to provide a clearance certificate will result in the buyer being required to withhold 15% of the purchase price and pay it to the ATO. The seller would then need to wait until they lodge their next tax return to get the funds back.

Coast to Coast Conveyancing makes this process simple by applying for the clearance certificates on our client’s behalf, at the very beginning of a matter – this gives clients one less thing to worry about in an already overwhelming process.

Real Estate Reforms For Seller Disclosure

Some might say it’s about time that Queensland caught up with the rest of the country, and the upcoming real estate reforms are a huge leap in that direction!

From 1 August 2025, sellers will be required to provide a Disclosure Statement and prescribed certificates in relation to the property that they are selling, to a prospective buyer before a Contract of Sale is signed by the buyer.

Coast to Coast Conveyancing likes to ensure that all of our staff are across all changes to legislation, and our team will be attending the upcoming REIQ Roadshow at the Novotel Twin Waters Resort to learn everything there is to know about these changes and what it means for us in the industry.

If you haven’t already registered for the roadshow, get your tickets now and make sure you’re in the know!

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Included Chattels – Why is this so important to get right?

There is nothing worse than getting to your pre-settlement inspection, the seller has taken the dishwasher, the buyer thought the dishwasher was staying, and now there is an issue the day before settlement.

Chattels is one of those grey areas in conveyancing which can often cause problems unnecessarily.

One of the best ways we have heard chattels described is ‘If you tipped your house upside down, anything that would fall out is a chattel’. This includes items such as air- conditioning and garage remotes, pool equipment, small garden sheds, large pot plants etc.

It is our opinion that it’s better to be safe then sorry, and even if you think something might be a fixture, such as that dreaded dishwasher, add it as an Included Chattel if the parties believe it is being sold with the property.

We invite you take advantage of our free contract review service so that we can check items such as this in the contract before it is signed, saving time and stress for everyone!

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