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PEXA streamlines GST payments on new property purchases

Property Exchange Australia (PEXA) has expanded the capabilities of its e-conveyancing platform in response to recent legislative changes concerning payment of GST at settlement. The change, effective 1 July 2018, now requires property purchasers to pay GST on the price of new residential premises or potential residential land directly to the Australian Taxation Office (ATO). Previously, developers were responsible for this payment. The introduction of this new legislation is primarily designed to reduce the $1.8 billion owing in GST payments to the Federal Government, and to eliminate the practice of ‘phoenixing’, a process by which a company declares insolvency, but reforms under a new nam

OPPORTUNITY KNOCKS...HOWEVER IT IS UNLIKELY TO LAST

There’s a great deal of chatter about Sydney’s cooling market and reported price drops. Plainly it’s terrific ‘click bait’ and the RBA is delighted to have focus on borrowing factors other than its’ own cash rate – the reality is that our market is both short-term sentimental and segmented. Considering the eastern suburbs – we are seeing two very distinct segments: buyers heavily dependent upon gearing and struggling for serviceability (very loan focused) versus buyers imbued with solid equity (cash). On the back of recent APRA changes and the Royal Commission into banking (combined with the lingering shadow of the toxic lending which precipitated the GFC) – the banks have jerked immediately

RBA announces August cash rate

The Reserve Bank of Australia has announced its cash rate determination for the month of August. The RBA has held the cash rate at a record low of 1.5 per cent, a move predicted by most industry pundits amid mixed economic conditions. All surveyed respondents on finder.com.au’s panel of industry pundits, and 95.5 per cent of the 76 brokers surveyed by mortgage marketplace HashChing, predicted the central bank’s verdict. Economist at AMP Capital Shane Oliver observed: “Growth has picked up a bit and the RBA is optimistic, but inflation and wages remain too low, property prices are falling in Sydney and Melbourne, the housing construction cycle has peaked and uncertainty remains around the out

 
 
 

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