Recently, the Property Exchange Australia Limited, better known as PEXA, have introduced a streamlining process to the purchasing or residential property or land.
Previously, purchasers who were responsible to withhold an amount from the contract price for payment to the ATO were required to complete this process via the ‘GST Withholding Forms’ 1 and 2 and lodge those with the ATO.
It is now possible to essentially bypass the ATO process and lodge these same forms though the PEXA platform. From which, PEXA says, can be populated with up to 70% of details pre-existing in PEXA’s database.
Some benefits of these changes in general and asserted by PEXA:
- Pre-populate information saving time
- Less complicated process minimises human error and data-entry error.
- Automated and streamlined process which is therefore less complicated for the purchaser.
More information can be found at PEXA’s website.
If you are in the process of or considering buying a home and wish to speak more about your conveyancing options, do not hesitate to call our office at 02 9232 3792 or alternatively, email info@roserlawyers.com.