Duties document lodgment and assessment form
As part of the Office of State Revenue’s strategy to increase our digital services a new duties document lodgment and assessment form will be available on our website from Monday 20 August 2018.
The new form will replace the carbon copy form previously used to lodge documents with the Commissioner for a duty assessment.
The new form must be completed by all lodging parties who lodge transactions for immediate assessment at the public counter, and to lodge physical documents for a Commissioner’s Assessment. A lodgment identification number (Bundle ID) will now be generated at the time the transaction is immediately assessed or lodged for assessment.
Imagine you are in the biggest city you know, on the busiest street, outside the biggest bank which you notice is surrounded with cameras and not just armed, but heavily armed security guards and some restrained but excited & vicious looking dogs.
The Bank doors open, a few moments later, from the secure confines of the building, out walks a petite and cheerful person pushing in front of them a wheelbarrow full of money, out on to the street. You immediately notice the passers-by around them, become onlookers. As they begin to stare perhaps hope that some of those loose notes blow off the top for them to collect at their whim. But if you were to look down the dark alleyways and side lanes you might find some bigger threats to that person losing their funds.
This cheerful person is off to buy the property of their dreams, they have arranged to meet the Seller, to exchange funds for Title of their intended property purchase just a few blocks up the terrace of this same street.
You begin to notice some spectre like characters, seem to condensate, perhaps out of the side lanes and alleyways, but now just happen to be walking past, as they take more interest than they should.
Just a reminder that GST is now a query of every Residential contract dated on & post 1/7/18.
Not just the obvious ‘new land or new builds’, since ‘New Residential Premises’ under the Taxation administration act, may still be quite aged properties!
“The term ‘new residential premises’ is defined in s 40-75 of the GST Act:
Residential premises are new residential premises if they:
a. have not previously been sold as residential premises and have not previously been the subject of a long-term lease; or
b. have been created through substantial renovations of a building; or
c. have been built, or contain a building that has been built, to replace demolished premises on the same land.”
The AICWA have created a ‘Seller’s Notice to Buyer’ seems to be more direct about if GST is applicable or not?
Either way this new ruling is not well known, nor tested so watch this space as it is likely to develop further as time goes on.
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