Duties
Compliance
Our duties compliance program focuses on both individual transactions and on Electronic Duties Return (EDR) clients who assess documents.
Current initiatives
Initiatives to ensure duties compliance this year include:
identifying all transactions liable for land rich and landholder duty
auditing EDR clients to ensure the accuracy of assessments and that their systems and procedures adhere to OSR's directions
investigating transactions where we believe duty has not been paid or has been underpaid
reviewing high value property transfers
identifying and reviewing transactions where the correct value has not been used to calculate duty payable
investigating the sale of business transactions where third party information indicates that the correct duty has not been paid
reviewing exemptions and concessions, including premium property transactions and corporate reconstructions.
Common errors
Common errors detected during the audit process for EDR and general duties include failure to:
obtain proof of identity documentation for First Home Plus duty concessions
aggregate transactions under section 25 of the Duties Act
follow procedures for EDR as described in the Directions for Using EDR document
include GST in assessing liabilities for duty on conveyances.
Record keeping responsibilities
Under Part 8 section 53 of the Taxation Administration Act 1996 you must keep relevant records for a period of 5 years. For duties transactions, this includes:
the original endorsed document, or a copy thereof
supporting evidence (eg valuations, statutory declarations, etc)
notice of assessment
return period summary.
For more information on your responsibilities when lodging by EDR, read:
More information
