Arco Advisory

Why do i need a tax clearance certificate?
A Clearance certificate is used to prove the seller is not a foreign resident and that withholding tax is not applicable to the property transaction. The seller is responsible for obtaining a clearance certificate from the ATO to avoid the buyer of the property withholding the GST component of the transaction. Clearance certificates typically take up to 28 days to be issued and should be provided to buyer at or before settlement. The issuance of clearing certificates is a way to reduce the risk of foreign residents selling Australian real estate and relocating overseas without remitting the tax component of the transaction to the ATO. Unless the seller can produce a Foreign Resident Capital Gains Withholding Clearance Certificate (FRCGW) the buyer will withhold 12.5% of the purchase price on settlement.

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The team at Arco Advisory would like to wish you and your loved ones a very Merry Christmas, and a prosperous 2024.

Mac Thomas is the latest edition to the Arco Advisory team.
Mac can be reached on 0493 267 389 or [email protected].

The team at Arco Advisory wish you and your family a Happy New Year.

An interesting perspective on the current state of the Melbourne property market

Melbourne Housing Market Update | September 2021.mp4 Watch the latest Housing Market Update for Melbourne. The housing and economic data is derived from the CoreLogic Hedonic Home Value Index for the month of August,…

Arco Advisory is Moving

Arco Advisory is moving to our new office on the 5th September. Our contact details will not be changing. We look forward to seeing you at our new office.

Arco Advisory
Suite 2, 27-31 Duerdin Street, Notting Hill VIC 3168
PO BOX 984, Mount Waverley VIC 3149

03 9562 0742 - [email protected]

Pension minimum relief extended to financial year 2021/22

On Saturday 29 May 2021, the Government unexpectedly announced an extension of the temporary reduction in superannuation minimum drawdown rates through to financial year 2021/22.

From 1 July 2021 minimum pensions will again be halved for all account-based and term allocated income streams as follows:

Account-based pension minimums

Age Standard minimum Reduced minimum
for 2021/22
Under 65 4% 2%
65–74 5% 2.5%
75–79 6% 3%
80–84 7% 3.5%
85–89 9% 4.5%
90–94 11% 5.5%
95+ 14% 7%

2021 Federal Budget