Selling property for more than $750,000? Make sure you have foreign resident capital gains withholding clearance certificate
Foreign resident capital gains withholding (FRCGW) applies to real property disposals where the contract price is $750,000 or more. The foreign resident capital gains withholding (FRCGW) rate is 12.5%. Once withheld from the sale price, you can only get it back once you lodge your tax return. Depending on the timing of the sale, you may be waiting for this money for months. If you sell property for let’s… Read more