Contract for the Sale of a Residential Lot in a Strata Title Scheme - AUWAREPS019

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BLACK = Old Item/Clause  | RED = New Item/Clause | BLUE = Comments About Change (Not Part of Form) | STRIKEOUT = Wording Deleted

 

11 Sep 2018 v1.6

Additions / Changes:

 

All fax fields removed.

 

Item 21 Note

(*) Witness signing is not required where a party signs electronically (refer Clause 42.9)

IMPORTANT NOTE:

All Parties MUST sign annexures and initial any alterations to this Contract.

 

Clause 1(40)

Related Document: means any written communication (including Notices), with regard to this matter, between the parties, including any Electronic Documents.

 

Clause 42

Related Documents / Notices / Electronic Communication

42.1

The parties agree and confirm any documents and communications in relation to this Contract may be forwarded served electronically in accordance with this clause and where this Contract has been forwarded electronically (either for signing or otherwise) the party receiving the Contract confirms having consented to the delivery of the Contract (and any other materials) by way of the electronic means of delivery before receiving the documentation

42.2

Any Related Document, including this Contract, to be served on any party under this Contract shall be in writing and may be served on that party:

 

(1)

by delivery to the party personally; or

 

(2)

by leaving it for the party at that the party’s address as stated in this Contract the Item Schedule; or

 

(3)

by posting it to the party by ordinary mail or security mail as a letter addressed to the party at the address as stated in this Contract the Item Schedule; or

 

(4)

by as an electronic communication by facsimile transmission or email to the party at the appropriate electronic address as stated in this Contract the Item Schedule; or

 

(5)

by delivery to the other party’s solicitor’s or settlement agent’s office; or

 

(6)

by delivery to an alternative address, provided in writing by the party, by any of the methods outlined in Clauses 42.2(1) to (5) above

42.3

A Related document posted shall be deemed to have been served, unless the contrary is shown, at the time when, by the ordinary course of post, the Related document would be delivered.

42.4

A Related document sent by electronic communication will be deemed to have been received in accordance with Section 14 of the Electronic Transactions Act 2011 (WA).

42.5

Related Documents given by a party's solicitor or settlement agent will be deemed to have been given by and with the authority of the party.

42.6

Related Documents must be served before 5pm on a Business Day, failing which, such Related document will be deemed to have been served on the next Business Day.

42.7

The parties acknowledge and agree an Electronic Document readily accessible via a link within a Related Document is received when the Related Document is served and will be opened when the Related Document is opened.

42.8

The parties may agree and consent to execution, delivery and service by any party, of Related documents electronically using by a method provided by an DocuSign or such other agreed electronic signing signature service provider.

42.9

Where a party signs this Contract electronically that party’s signature is not required to be witnessed.

 

01 Jul 2018 v1.5

Item 20

GST WITHHOLDING

20.1

The Property is: (tick one of the following)

__ Existing Residential Premises  __ New Residential Premises   __ Potential Residential Land

20.2

(The Buyer is to complete this Item 20.2 where the purchase is of Potential Residential Land.)

The Buyer is registered for GST and acquiring the Property for a ‘creditable purpose’ (as defined in the GST Act): __ Yes __ No

Note: where the answer is ‘yes’ and the acquisition is for Potential Residential Land Item 20.3(2) is not required to be completed.

20.3

GST Withholding Notice (to be completed by Seller - section 14-255 Taxation Administration Act 1953 (Cth))

 

(1)

The Buyer <is/is not> required to make a payment to the Australian Taxation Office in compliance with section 14-250 of the Taxation Administration Act 1953 (Cth) in relation to the Property.

 

(2)

Only complete the following details where payment is required:

 

 

(a)

Seller’s Name: ………………………………           ABN:………………………………..

 

 

(b)

Payment amount: $…………………………………

 

 

(c)

When payable: ……/……/……

Note: Where no date is inserted payment will be on the Settlement Date.

 

 

(d)

Where the Purchase Price is not expressed as an amount of money insert the GST inclusive market value of the Property: $…………

 

Important Note to Buyer: Failure by the Seller to complete this Item does not affect the Buyer’s obligation to make a payment under section 14‑250 (Clause 7).

Clause 7

GST Withholding

7.1

Where the Property the subject of this Contract is, within the meaning of the GST Act a ‘new residential premises’ or ‘potential residential land’ the Seller must give to the Buyer a GST Withholding Notice (Item 20.3) in accordance with section 14-255 of the Taxation Administration Act 1953 (Cth).

7.2

Where an amount is required to be paid to the Australian Taxation Office (ATO) in accordance with the GST Withholding Notice (Item 20.3) the Buyer is authorised to withhold from the Balance Purchase Price and remit to the ATO the amount as required in Item 20.3(2) in accordance with section 14-250 of the Taxation Administration Act 1953 (Cth).

7.3

Where the GST Withholding Notice (Item 20.3) is not completed by the Seller, the Buyer is authorised to withhold from the Balance Purchase Price and remit to the ATO, in compliance with the GST Act, an amount calculated in accordance with section 14-250(6) of the Taxation Administration Act 1953 (Cth).

7.4

Where the Buyer is required to make a payment in accordance with section 14-250 (Taxation Administration Act 1953 (Cth)) the Buyer must lodge with the ATO the following forms:

 

(1)

not less than 14 days prior to Settlement, a GST Property Settlement Withholding Notification; and

 

(2)

at or before Settlement, a GST Property Settlement Date Confirmation.

7.5

Prior to Settlement the Buyer must provide to the Seller a copy of:

 

(1)

the response received from the ATO following lodgement of the GST Property Settlement Withholding Notification showing the lodgement and payment reference numbers; and

 

(2)

the GST Property Settlement Date Confirmation form lodged with the ATO.

Clause 13.2(11)

Each party must do everything reasonably necessary and in a reasonable timeframe to ensure:

(a)

Settlement (including Financial Settlement) occurs electronically on the Settlement Date; or

(b)

where the parties have complied with the provisions of Clauses 13.2 and Settlement cannot occur by e-conveyance, and neither party is in default, and Settlement including Financial Settlement will be completed:

 

(i)

by e-conveyance on the next Business Day after the Settlement Date; or if the parties agree;

 

(ii)

if the parties agree, in accordance with Clause 13.3, in which case Settlement must be within 3 Business Days of the Settlement Date,

 

and in either case, time remains of the essence.

 

26 May 2018 v1.4

Additions / Changes:

 

Clause 12.2(11)

Each party must do everything reasonably necessary and in a reasonable timeframe to ensure:

(a)

Settlement (including Financial Settlement) occurs electronically on the Settlement Date; or

(b)

where the parties have complied with the provisions of Clause 12.2 and Settlement cannot occur by e-conveyance, and neither party is in default, and Settlement including Financial Settlement will be completed:

 

(i)

by e-conveyance on the next Business Day after the Settlement Date; or if the parties agree;

 

(ii)

if the parties agree, in accordance with Clause 12.3, in which case Settlement must be within 3 Business Days of the Settlement Date,

 

and in either case, time remains of the essence.

 

12 Oct 2017 v1.3

Additions / Changes:

 

Clause 27

On the giving of reasonable notice to the Seller, the Buyer, and/or Buyer’s designated representative, may, at reasonable times (deemed to be on a Business Day between 9am and 4pm), prior to Settlement, inspect the Property for the purposes of:

(1)

inspections in accordance with Clause 4;

(2)

valuation, if required (under Clause 5 or otherwise made a condition of this Contract);

(3)

reading water meter or other utilities;

(4)

survey in accordance with Clause 29;

(5)

where the Property has been damaged, determining the extent of damage for the purposes of Clause 33.2 and 33.5;

(6)

one pre-Settlement inspection in addition to those above.

 

01 Jul 2017 v1.2

Additions / Changes:

 

Clause 45.1

The parties acknowledge (subject to Clause 45.2) where the Purchase Price (plus applicable GST less any input tax credit) of the Property is two million seven hundred and fifty thousand dollars ($2,000,000 $750,000) or more, the Buyer will on or before Settlement, in compliance with the foreign resident capital gains withholding payments provisions of Schedule 1 of the Taxation Administration Act 1953 (Cth) (Schedule 1) be required to:

(1)

withhold from the purchase monies a sum equal to 10 12.5% of the Purchase Price or such lesser sum as determined in a notice of variation provided in accordance with section 14-235 of Schedule 1; and

(2)

pay the withheld monies to the Australian Taxation Office (ATO) in accordance with Schedule 1 and, in addition,

(3)

promptly provide evidence of payment made in accordance with Clause 45.1(2) to the Seller

 

16 Jan 2017 v1.1

Additions / Changes:

 

Contract Title

CONTRACT FOR THE SALE OF A RESIDENTIAL LOT IN A STRATA TITLE SCHEME

The Seller and Buyer agree to be bound by this Contract.