New Form 24 Property Information

Form 24—Property Information (Transfer) (Version 6) will be implemented for use from 1 July 2014.

Item 4 of the form has been changed to include wording to reflect that the sales price must include Goods and Services Tax (GST) if applicable.

Two additional items points have been included at Item 6. These items require the transferor to identify whether or not GST is payable on the transaction, and if so whether or not the transaction is under the margin scheme.

To view an example of the new Form 24 (Click here) or the Guide to Completion of the Form 24 (Click here).

The continued use of Form 24— Property Information (Transfer) (Version 5) will be permitted until 1 October 2014.

Further information

For information on GST and margin schemes contact a tax accountant, or the ATO on 13 28 61 for Individuals or 13 28 66 for Businesses, or from their website at: www.ato.gov.au.