Foreign Resident Capital Gains Tax Clearance Certificate

If you sell a property and the sale price is $750,000 or more your conveyancer will apply for a Foreign Resident Capital Gains Tax Clearance Certificate (FRCGCC) on your behalf. 

The FRCGCC is obtained from the Australian Taxation Office (ATO) and is required to be obtained by all vendors whether they are an individual, a company, a trust or a super fund and whether they are resident in Australia or not. 

The FRCGCC is valid for 12 months.  If a FRCGCC is not provided by a vendor, the purchaser is required to withhold 12.5% of the purchase price and pay this withheld sum to the ATO.  If there is an obligation for the purchaser to withhold monies, they must do so and pay the withheld monies to the ATO at settlement of the property transaction, late payments may result in further interest charges and late penalties. 

If a purchaser is required to withhold monies and they fail to, they may be issued with a penalty by the ATO which can be equal to the amount they were required to withhold. 

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In Victoria you pay land tax on any property that you own when the capital improved value of the property or properties exceed $250,000 and you do not live in the property.  A land owner can be an individual, a company or a...
February 12 2019
If you sell a property and the sale price is $750,000 or more your conveyancer will apply for a Foreign Resident Capital Gains Tax Clearance Certificate (FRCGCC) on your behalf.  The FRCGCC is obtained from the Australian Taxation...

 

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Accessible Conveyancing acknowledges the First Nations People paying respect to Elders past, present and future as the traditional custodians of this land.  We live, learn and work on the lands of the Wurundjeri people of the Kulin Nation and the Dja Dja Wurrung.  flags 2