The State Revenue Office (SRO) is cutting red tape on land transfers in its Duties Online, reducing the seven step process down to a single step.
The Office said that from 22 June assessing land transfers in Duties Online would be quicker and easier than ever before.
“With data from the Digital Duties Form now pre-populating in Duties Online, we are reducing the current seven step process to a single step,” the SRO said.
“Once the Digital Duties Form is linked to your lodgement, you will simply select ‘Calculate duty’ to get an estimate and duty verification,” it said.
“Duties Online will also be able to assess the duty on another 10 types of complex lodgements, meaning they no longer have to be submitted for assessment 30 days before the scheduled settlement.”
The SRO said online assessments would apply to historical contracts; sub sales related (contract of sale between related parties); related parties’ transactions with concessions; unrelated parties (no contract of sale); multiple property types in the same transfer; principal place of residence applied where there were multiple properties (complex transactions only); and on-sales.
It said the online assessments would also apply to lodgements with more than two transferees for pensioners; change in manner of holding; and foreign purchaser additional duty exemption.
“We are also streamlining the process for the remaining complex lodgement types, removing five steps in Duties Online,” it said.
The State Revenue Office has released a two minute demonstration video of the streamlined Duties Online process for system-assessed transactions. It can be accessed at this PS News link. It has sound.
