In 2025 every seller of every property will need to have a clearance certificate from the ATO confirming they’re an Aussie resident for tax purposes. No certificate? Buyer must send 15% of the agreed sale price directly to the ATO. You might only get it back at tax time. 

Effective 1 January 2025, the Australian Taxation Office (ATO) has introduced updates to the Foreign Resident Capital Gains Withholding (FRCGW) rules. These changes affect all property sellers, eliminating the previous $750,000 threshold and increasing the withholding rate to 15%. This aim to enhance the collection of tax liabilities from non-residents selling property in Australia but also carry significant implications for Australian residents. Whether you're a buyer or a seller, understanding these new regulations is crucial to ensuring smooth and compliant property transactions. 

Randwick City Council is considering an empty homes levy on properties left vacant for over a year in response to the local housing shortage. This proposal, intended to encourage owners to rent or sell idle properties, could provide essential housing near key areas, such as hospitals and universities. Significantly, the levy could generate funds for social housing projects, addressing both the immediate need for affordable housing and the city’s long-term housing goals. To move forward, the proposal requires state approval to amend the Local Government Act.