Authority Update - TAS TRO New Information Required from 1 July 2017

The Tasmania Government has announced from 1 July 2017 they will require extra property transfer data to be reported to the Australian Taxation Office (ATO)

All States and territories (including Tasmania) must begin reporting extra property transfer data to the ATO from 1 July 2017. 

This will include information about both the transferor (vendor) and the transferee (purchaser). You can view here a copy of the full list of data fields. 

Any property transfer to be endorsed/lodged on or after 1 July requires the extra data to be collected and entered into Tasmania Revenue Online (TRO) before it can be endorsement/registration. These changes apply as per below;

  • Contract is entered into during May 2017 
  • Settlement is scheduled for late June 2017 
  • Duty endorsement will occur in early July 2017 

TRO will be enabled with the additional, required fields from 1 July 2017. If the practitioner plans to endorse a transaction on or after 1 July, it is their responsibility to collect the information in advance, and hold the data until entering it into TRO at endorsement. 

NB: The following reporting requirements may affect transactions you have underway now. 

Reporting 'Transfers by Assent' 
Transfers by Assent are also subject to the ATO's new data collection and reporting requirements. 

From 1 July 2017 'transfers by assent' must be stamped or endorsed as exempt from duty before being lodged at the Land Titles Office.

Authorised users will be able to endorse transfers by assent in re-designed TRO, from 1 July 2017.

Property Transfer Certificate 
After 1 July 2017, the re-designed TRO will host a new digital feature to assist practitioners collect the required information for the ATO. This new functionality can be used instead of paper forms or requisitions. The new feature will be known as the Property Transfer Certificate, and will be available on the TRO website from 1 July 2017. It is being designed to: 

  • Assist clients who wish to keep their personal information confidential from other parties to a transfer transaction; and 
  • Reduce your data entry. 

You can Watch a short video about this here 

Property transfer forms with the extra data fields 
To assist practitioners collect the extra information from clients, the State Revenue Office (SRO) has created a series of PDF forms, which can be completed on-screen and saved, or printed for use as paper forms. 

The forms already include the extra data fields required by the ATO. They will be helpful, in advance, for collecting the information you will need to enter into TRO from 1 July 2017 to complete any endorsement from that date. See links below for forms available,

You can still collect the required information using your own updated requisition documents to enable you to enter the data into TRO at the time of endorsement (from 1 July 2017).

Read more of Tasmania's 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.