GST Withholding Forms one and two.
Certain purchasers of new residential premises or potential residential land are required to withhold an amount from the contract price for payment to the ATO on behalf of the supplier of the property. Purchasers who are required to withhold an amount must complete and lodge GST Withholding Form one and Form two with the ATO.
Incoming Proprietors can now create and lodge GST Withholding Form one and Form two within the PEXA platform, as an alternative to using the ATO website. This new feature allows for forms to be populated with up to 70% of details already found in the PEXA workspace, reducing time, effort, and data entry errors.
These forms are accessible to participants in the role of Incoming Proprietor and Proprietor on Title.
You have prepared a Transfer Workspace in your jurisdiction:
To see how PEXA members can submit the ATO GST Withholding Forms one and two, please watch this recorded video:
Creating Form one and Form two
Once the Workspace and Transfer documents are created, the Incoming Proprietor can create the GST Withholding Forms.
Note: There can only be one GST Withholding Form one and Form two created per Workspace.
Editing Form one and Form two:
The Incoming Proprietor can edit the details on Form one at any time prior to it being lodged within PEXA.
Removing Form one and Form two:
You can remove Form one or Form two at any time prior to settlement.
If Form one has already been lodged, PEXA will automatically notify the ATO to cancel the form on your behalf.
You do not need to contact the ATO to cancel a lodged GST Withholding Form one.
Lodging Form one and Form two
You may lodge Form one at any time prior to settlement.
Upon successful Lodgement of Form one:
Confirming Form one and Form two:
One day prior, or on the day of settlement, a notification displays when you open the Workspace to verify whether any details on Form one has changed since lodgement, excluding the settlement date.
Select one option:
Confirmation can also be done via the ATO menu, by clicking ‘Confirm’ on Form two.
Upon settlement, the ATO GST Withholding Forms will be lodged and PEXA will automatically supply the ATO with the following details:
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