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Reminder about recent changes to GST questions on the new Agreement for Sale and Purchase…
The latest edition of the Agreement for Sale and Purchase now includes a question at the top of the front page about the Vendor’s GST position. Vendors are required to answer “yes” or “no” as to whether they are GST-registered.
The Purchaser only then needs to fill in the GST schedule if the Vendor has answered “yes” to that question.
We recommend you obtain information from the Vendor as to whether they are GST-registered at the time of listing so this question can be answered before an Agreement is sent to a Purchaser to make an offer. The GST position of the Vendor will be relevant to the price that some purchasers will offer, so it is important that this is filled in as early as possible. This will be especially important at auctions where the offer will be unconditional.
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