Navigating ATO Clearance Certificate: Your Essential Guide for Belrose Northern Beaches

As your dedicated tax advisor in Inner West Sydney, WISTax of Northern Beaches is your reliable source for staying updated on the latest tax developments, including the significance of obtaining an ATO clearance certificate. Here’s a streamlined overview of the pivotal updates from the 2023-24 Mid-Year Economic and Fiscal Outlook (MYEFO) and how they may impact you:

Understanding ATO Interest Charges:

The ATO enforces General Interest Charges (GIC) and Shortfall Interest Charges (SIC) on unpaid tax debts, presently tax-deductible. However, effective from 1 July 2025, GIC and SIC incurred in income years won’t be tax-deductible anymore. It’s crucial to ensure accurate assessment and timely payments to avoid additional expenses.

Mandatory ATO Clearance Certificate for Property Sales:

Considering selling real estate? Procuring an ATO clearance certificate is now mandatory. Previously applicable solely to foreign residents for properties exceeding $750,000, as of 1 January 2025, every Australian resident vendor must obtain a clearance certificate pre-settlement, irrespective of the sale price. Non-compliance risks withholding 15% of the sale price, potentially impacting property transactions.

What’s in Store:

WISTax of Northern Beaches is here to simplify tax obligations and enhance your understanding of these changes. Reach out to us today for comprehensive support in navigating these tax adjustments and addressing any queries you may have. Stay informed, stay prepared, and let us guide you through these tax transformations seamlessly.

WISTax of Northern Beaches – Your Trusted Partner for Tax Solutions in Belrose Northern Beaches.

All WISTAX today for an initial free 15-minute telephone consultation with John and his team on 1800 841 312 if you want to join our fast growing accounting franchisee business