New withholding tax regime
Vendors selling a property for over $2 million will have to apply for a clearance certificate to avoid the purchaser withholding 10% tax from the purchase price.
The objective of the new law is to ensure foreign residents pay 10% tax on any profits earned from the sale of a taxable Australian property.
Find out more here.
NSW Fair Trading Complaints Register
Currently NSW Fair Trading receives over 45,000 complaints a year and as a result it has decided to bring in a Complaints Register to provide businesses with an incentive to provide better customer service and help consumers make more informed decisions about where to shop.
The Complaints Register is designed to provide information about businesses, including real estate agencies, which receive 10 or more complaints in a calendar month.
Find out more here.