“Currently, developers can have up to three months to remit GST after the sale of newly constructed residential premises and new subdivisions, allowing dishonest developers time to phoenix and avoid their GST obligations.
“This measure clamps down on dishonest developers and levels the playing field for developers who pay the right amount of tax.”
The measure has a two-year transitional arrangement to provide certainty for existing contracts. Contracts entered into before 1 July 2018 will not be affected as long as the transaction settles before 1 July 2020.
The Bill and supporting materials are available on the Australian Parliament House website.