15th December 2024 - Withholding changes when buying and selling property
Currently, Australian residents selling property must provide a clearance certificate to the purchaser at or before settlement to avoid having 12.5% withheld from a property sale where the value of the property is $750,000 or more.
Under the changes:
- the withholding rate will increase from 12.5% to 15%
- the $750,000 property value threshold will be removed, and the withholding rules will apply to all property sales.
The changes apply to contracts entered into on or after 1 January 2025.
FRCGW is designed to support the collection of tax liabilities owed by non-residents selling Australian property.
All Australian residents selling property will require a clearance certificate from the ATO, or withholding will apply to the transaction. If an Australian resident vendor doesn't provide a clearance certificate by settlement, 15% of the sale price must be withheld by the purchaser and paid to the ATO.
If an amount is withheld from the sale price, the vendor will only receive any refund due after their next income tax return is processed at tax time.
Most clearance certificates will issue within a few days, but it is important to apply early because some can take up to 28 days to issue. They are valid for 12 months, so the vendor doesn't need to wait until they have signed a contract.
Foreign resident vendors may be able to apply to vary the withholding rate.
We are working to have systems ready and to update our web content.
If you're assisting clients with property matters, make sure they're aware of how Foreign resident capital gains withholding and the changes apply to their circumstances.
Sourced from Withholding changes when buying and selling property | Australian Taxation Office
5th December 2024 - Mandatory professional development for the property industry
Mandatory continuous professional development (CPD) for Queensland property professionals will begin on 6 June 2025. CPD cannot be completed before that date. The following individuals must complete approved CPD training each CPD year to maintain their licence or registration:
- real estate agents
- real estate salespersons (including property managers)
- real property auctioneers
- resident letting agents.
There are some exceptions, including:
- the 12 months after your licence is first issued
- if your licence has been deactivated for most of your CPD year
- if you hold a limited real estate agent licence for affordable housing or for business letting
- if you represent public sector agencies or are an official that holds a licence under the Property Occupations Act 2014.
You can also request an exemption for any given year if you could not complete your CPD due to exceptional circumstances. We will publish what may be considered exceptional circumstances before the requirements begin.
CPD Advisory Panel
We have established an advisory panel comprising industry, community, and training representatives to recommend appropriate continuing professional development sessions.
The panel includes representatives from:
- The Office of Fair Trading (Chair)
- Australian Livestock and Property Agents Association (industry)
- Australian Residential Accommodation Managers Association (industry)
- Build Skills Australia (registered training organisation)
- Real Estate Institute of Queensland (property industry)
- Tenants Queensland (community)
Panel membership will be renewed annually and is subject to change.
We’re currently consulting with the advisory panel regarding initial requirements and sessions to be approved for the first year.
Approved CPD sessions
At this stage we have not approved any CPD Sessions. Please refer back to this page closer to commencement.
CPD provider session approvals now open
CPD sessions may only be provided by eligible organisations that have had sessions approved by the Office of Fair Trading.
To apply to have a CPD session approved, you must lodge a CPD session proposal.
We will evaluate and select proposed sessions with the CPD Advisory Panel.
CPD provider resources
More information
In the next 12 months, we'll update this page with important information you'll need to know before the requirement is mandatory.
We'll let you know:
- how to work out your CPD year—it will be linked to the issue date of your first licence or certificate
- which CPD training topics are approved
- how to advise us when you've completed your annual CPD.
Sourced from Mandatory professional development for the property industry | Your rights, crime and the law | Queensland Government
28th November 2024 - Thank a Property Manager Day
Holt told Yahoo Finance that many people aren't aware of how much work these PMs do each day.
She has called on Australians to "stop, think, and celebrate the wonderful role property managers play" in our society.
"Take a moment to remember that property managers are human beings, like all of us, who are doing the best they can with what they got, and they do a wonderful job," she said.
"It's a very challenging and thankless role," she explained to Yahoo Finance.
"The majority of PMs are just great people like you and I, and they deserve a day of people just saying, 'Hey, thank you. You're bloody amazing'."
She added that PMs and people in real estate "unfairly" get a rap because of a few bad apples in the industry.
Property manager defends controversial message as renters lash out at 'utterly insulting' email
Thank a Property Manager Day
25th October 2024 - Why do we have different tenancy laws in each State/Territory of Australia?
Why are they all changing to be very similar, and or have changed to be very similar and more video - view here.
25th October 2024 - Mandatory CPD update
Mandatory professional development for the property industry - watch short video here.
From 6 June 2025 the following Queensland property professionals must complete continuing professional development (CPD) training each year to maintain their licence or registration:
- Real estate agents
- Real estate salespersons
- Real property auctioneers
- Resident letting agents.
The Office of Fair Trading (OFT) is consulting with industry and community representatives to identify appropriate CPD training sessions for inclusion in the CPD scheme. We're also establishing an advisory panel, including representatives from peak property industry bodies and the community and a training specialist, to help us determine acceptable CPD sessions. Other government agencies will be able to advise the panel where relevant.
Subject to future consultation with the advisory panel, we may require property agents to complete 2 CPD training sessions each year. One session would include subjects in the national property services training package and the other would include subjects approved by us.
We recognise that many agents already choose to complete professional development to keep their skills up to date or as part of an industry body membership.
Making annual professional development mandatory for all relevant property agents will lift industry professionalism and build community confidence in the sector.
More information
In the next 12 months, we'll update this page with important information you'll need to know before the requirement is mandatory.
We'll let you know:
- how to work out your CPD year—it will be linked to the issue date of your first licence or certificate
- which CPD training topics are approved
- how to advise us when you've completed your annual CPD.
Thank a Property Manager Day Friday 29th November 2024 - Watch video here.
Thank a Property Manager Day is a day 'invented' by Stacey Holt in 2012. A day that is long overdue to celebrate. The day is usually celebrated on the last Friday of November each year.
The next date is Friday 29th November 2024. A day for all to stop, think, and celebrate the wonderful role property managers play in our industry, communities and society. Organise a breakfast, lunch, morning tea, something, and stop, reflect, and say thank you career managers of tenancy and property. Even if you have to thank yourself (if that is the case, contact me and I will thank you!).
Special one-day training event Thank a Property Manager Day 29th November
More information and Register here