Question: Withholding Clearance – House Sold Over $750k
Query please – client sold a house and was one day late with the certificate of clearance, so $50K was withheld.
Spoke to the ATO and they said I cannot lodge a 2021 tax return now (by paper) to recoup the funds – the client needs the money now, not in say July / August / Sept 2021
Is there some way around this ??? – I am sure I have in the past lodged tax returns prior to the end of the tax year
Answer
We suggest there is no way around this, and your clients will need to wait for their money.
Lodging tax returns before the end of the year in the past was possible when people were going overseas and there was some certainty, they would not derive additional income.