Authority Update NSW: New EDR fields explained

Since updates were made to Electronic Duties Returns (EDR) mentioned in previous Authority update Processing Surcharge Purchaser Duty Transactions is Changing Revenue NSW have identified areas requiring further clarity. 

New EDR fields

The EDR system has been enhanced to include additional fields that determine the correct amount of duty and, where applicable, the surcharge purchaser duty (SPD) liability.

You can populate most fields in the system using information from the Purchaser/Transferee Declaration and your other documents directly. 

% of property interest:

  • Existing field for reporting purposes only.
  • This percentage does not contribute to the assessment. However, it is important to note that it may not be the same as 'Land holding %'. 
  • The percentage of property being transferred in this transaction. For example, Party A and B are buying 100% of property.

Land holding (%):

  • Displays for liable party only. Percentage of specific interest being acquired by this party
  • All parties' interests must equal 100%. For example, Party A and B would enter 50% each.

Fractional interest:

  • Fractional interest is when there is a transfer of real property, which includes multiple transferees where at least one is a current title holder
  • Refer to the Fractional interest quick reference guide on the Revenue NSW website.

Is the document aggregated?

  • Transactions liable to duty under Section 25 of the Duties Act 1997.
  • If yes, enter the non-aggregated amount
  • The non-aggregated amount is the dutiable value of the contract being assessed.
  • For example:
  • if you have 3 contracts for $100K each, the first contract would be assessed on the total of $300K (consideration) and the non-aggregated amount is $100K.
  • The remaining two contracts would each be assessed for $50 duty and the non-aggregated amount is $100K.
    If the above example was an acquisition of residential property by a foreign person, surcharge applies to each contract separately on the non-aggregated amount.

Transferring property for married couples

If a married person transfers part of the ownership of their residential property to their spouse, who is a foreign person, they will receive the duty exemption but they will still be liable to pay surcharge purchaser duty.

As the parties are related through marriage, they need to provide evidence of the value of the property.

This is a fractional interest transaction.
 
Assessment details

Your Duties Notice of Assessment now includes stamping details for all surcharge purchaser duty assessed matters to be included in your stamp.

Read more of New South Wales Authority Updates

Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.