Clearance certificates required for all Australian property sales
From 1 January 2025, all Australian residents (for tax purposes) selling or disposing of Australian real property (land and buildings) must have a clearance certificate and give it to the purchaser at, or before settlement.
If a clearance certificate is not provided, 15% of the sales price (or market value if not at arm’s length) will need to be withheld (up from 12.5%).
Previously, clearance certificates were only required where the value of the property is $750,000 or more.
For foreign resident vendors, the withholding is made available as a credit against any tax liability. The vendor only receives any refund due after their next income tax return is processed at tax time.
Superannuation rate increases to 12%
The Superannuation Guarantee (SG) rate will rise from 11.5% to 12% on 1 July 2025 – the final legislated increase.
Super on Paid Parental Leave
From 1 July 2025, superannuation will be paid on Paid Parental Leave payments. Eligible parents will receive an additional payment based on the superannuation guarantee (i.e. 12% of their PPL payments), as a contribution to their superannuation fund.