It also affects companies buying a property, if any of the owners are a foreign resident. Find out more here.
As a result, to deal with this new law the REINSW and Law Society of NSW have updated the Contract for Sale and Purchase of Land. This new edition is not available as a paper copy but can be purchased in digital form by visiting the ECOS website.
The new 2016 edition of the contract has prompts and clauses to deal with the new withholding tax law, and also includes a warning about the new swimming pool compliance. Find out about the main changes here.
Barry Johnston, Principal of Balmoral Partners said: “REINSW CEO Tim McKibbin has spent a lot of time time lobbying the government to make sure the legislation is workable.
“The new contract reflects this - so it is best practice to make sure you are using the latest contract because it is there to protect us.”
To find out more about the Contract for Sale and Purchase of Land 2016, watch the webinar with Barry and Gary Newton, Partner in TressCox Lawyers, here.