You are now required to provide additional information for Commonwealth reporting data. There has also been a change in the way a document is stamped with duty.
From 1 July 2019 both vendor and purchaser data must be completed for all reportable transactions.
Vendor data is completed via a RevenueSA Online workspace. You can either create a new workspace or you may be invited through RevenueSA Online by the purchaser’s representative to enter details. The vendor’s representative can commence this process at any time in the process.
If you have already been entering data for vendors, please note there are some additional mandatory fields that are now required, including date of birth, additional information for non-Australian citizens (passport number, visa number, visa subclass and visa expiry date) and additional information for overseas organisations (country of incorporation).
Non-compliance of the provision of vendor data will be reviewed and monitored and may result in compliance activity and could also lead to RevenueSA Online system restricted access, disrupting capability to conduct business electronically with RevenueSA.
Additional mandatory fields are required for purchasers, including date of birth, additional information for non-Australian citizens (passport number, visa number, visa subclass and visa expiry date) and additional information for overseas organisations (country of incorporation).
To streamline the process in RevenueSA Online, the reporting screen for purchaser data has been integrated with the stamp duty assessment screens. A separate Commonwealth Reporting Portal workspace is no longer required before you create a stamp duty document.
You are also able to invite the vendor’s representatives to enter data for reporting requirements.
From 29 July 2019, before a reportable document conveying land can be:
If data has not been entered for both parties, you will not be able to obtain a Document ID. Without a Document ID you will not be able to lodge the document with the Lands Titles Office.
Where the purchaser commences their stamp duty document and invites the vendor’s representative prior to seven days of the expected settlement, then the purchaser will be able to proceed to generate the Document ID without the vendor requirement being satisfied. In these instances the vendor will have their RevenueSA Online system access restricted until the mandatory data has been provided.
Where the purchaser does not commence their stamp duty document and invite the vendor’s representative prior to seven days of the expected settlement and the vendor’s representative has not completed the mandatory data, then the Document ID will not be available in preparation for settlement. If this occurs you are required to contact RevenueSA who will assess the non-compliance circumstances on a case-by-case basis and may allow a Certificate of Stamp Duty to be issued.
A Certificate of Stamp Duty has replacing the manual stamp.
Once you complete a document in RevenueSA Online, a Certificate is produced as a pdf which you can electronically file and/or print for your records. You will also be able to reprint a copy of the Certificate through RevenueSA Online.
A Certificate of Stamp Duty will also be issued for documents submitted to RevenueSA for assessment.
Changes are also being made to the T1 Form (Memorandum of Transfer) to simplify the stamp duty information you need to record. You will no longer need to record the date, consideration, stamp duty paid, interest and penalty tax etc. From 1 July 2019 you only need to record the Document ID number, available from the Certificate of Stamp Duty.
Please contact our RevSupport team if you have any questions on these changes.
Phone: (08) 8207 2333