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Some SMSF trustees are wrongly assuming that the foreign resident capital gains withholding rules for property won’t apply to them, and could be hit with significant penalties where they fail to meet certain requirements, warns a technical expert.
Insyt chief executive Darren Wynen said with the foreign resident gains withholding now applying to all property disposals where the contract price is $750,000 or more from 1 July 2017, SMSFs who are buying or selling property, or selling an interest in a unit trust that holds property, will need to ensure they comply with certain obligations to avoid being hit with a withholding penalty.
Read the full article on SMSF Adviser.