LCR 2018/D1 relates to changes introduced to the GST law by Schedule 5 of Treasury Laws Amendment (2018 Measures No. 1) Act 2018 which require a purchaser of certain types of real property to make a payment to the Commissioner that represents the GST payable by the vendor. Specifically, LCR 2018/D1 addresses:
- the date from which the new measures will apply;
- the types of supplies for which a liability will arise for purchasers;
- when a purchaser is required to pay;
- the amount the purchaser is required to pay;
- the requirement for a vendor to provide a notice to the purchaser, and
- the penalties that may apply to vendors and purchasers.