If you require a clearance certificate for a property sale, apply at least 28 days prior to the settlement to allow for processing. If the certificate is not provided by settlement the purchaser is required to withhold 12.5% of the purchase price for properties with a market value of $750,000 or more.

If you need any help with your property sales, purchases, and related tax obligations, give our team at SPS Business Consultants a call on ☎️ (03) 9904 9261

Source – https://www.ato.gov.au/General/Capital-gains-tax/In-detail/Calculating-a-capital-gain-or-loss/Capital-gains-withholding–Impacts-on-foreign-and-Australian-residents/?page=5