From July 1 2017, new Commonwealth Government reporting requirements will be introduced that will affect all real estate property transfers in Western Australia.
The reporting requirements are being introduced following agreement by Commonwealth, State and Territory Treasurers to establish a National Register of Foreign Ownership of Land Titles. This Register will be administered nationally by the ATO. In WA, Landgate will collect and report the required information to the ATO.
For each transaction of freehold (and some leasehold) interest in real property in WA, the information required by the ATO will include:
For a comprehensive list of the information required see the ATO Property Reporting Requirements for WA below.
This information will be requested from all buyers and sellers involved in the property transaction. Until legislative amendments have been passed in WA, the state of Western Australia will only request that buyers and sellers provide this information to support Commonwealth Government legislation. Once legislation has been passed, the information will become a requirement on all parties to the transaction.
Further information about ATO Property Reporting is available on the ATO website.