Authority update WA: New reporting Requirements for real property transactions

New Commonwealth Government legislation came into effect on 1 July 2017 requiring additional information to be provided to the Australian Taxation Office (ATO) when ownership of a property changes. This requirement applies to all buyers and sellers across Australia.

This will enable the ATO to develop a national database of foreign ownership of real property in Australia, which will reduce tax error and increase tax compliance. 

In Western Australia this initiative has been led by Landgate, supported by the Office of State Revenue.

The Property Reporting Online system launched on 19 October 2017 and Landgate encourages conveyancers to provide information relating to property ownership changes from this date, however the the legislation is not expected to be passed until 2018 

Collection of information will be through a newly-created Property Reporting Online (PRO) system.
PRO is also the system for accessing Electronic Advice of Sale (EAS), accessed through MyLandgate accounts
Property Reporting Online and the new EAS screens will be introduced simultaneously. The existing EAS screens will still be available for a period of time, with training and reference materials to help users move to the new service.

Self-represented parties

The same information is requested from each person who represents him or herself when dealing in real estate in Western Australia and applies to any change in proprietorship, tenancy and/or shares.

For more information on this initiative visit ATO Property Reporting on the Landgate website or contact Landgate on 9273 7373 if you have specific queries.

Read more of Western Australia Authority Updates

Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.