New South Wales Electronic Duties Return

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Effective 1 July 2016, conveyancing documents which are able to be processed via Electronic Duties Returns (EDR), will no longer be assessed at NSW Office State Revenue (OSR).

WHAT DOES THIS MEAN FOR YOU?

If your organisation has been processing any of these document types at OSR directly, you will be required to submit them online as of 1 July 2016, by registering as an EDR Client.  

For a full list of documents and how they can be processed, please refer to the OSR Duties Document Matrix.  

IMPORTANT TO NOTE: As of 1 July 2016 OSR will no longer accept documents at the counter or through the mail, that can be processed on EDR. If OSR receives these documents, they will be returned unassessed.

WHAT ARE THE STEPS YOU NEED TO TAKE TO BECOME AN EDR CLIENT? 

1. Engage with an approved Client Service Provider. As an approved Client Service Provider, SAI Global's Property Division offers all of the services via our platform Search Manager.

2. To register as an EDR client and obtain an EDR number, please visit the Registration page. You will need the following information on hand to complete the registration process.
a) Your Australian Business Number (ABN)
b) A valid email address
c) The completed EDR declaration form. You will need to print off, complete and scan back as part on your application.

3. Download and familiarise yourself with OSR's Guidelines for details on how to use EDR and the functions available.  

4. Once your application is complete, you will be contacted by OSR to progress your application. Upon approval of your application, system and procedural training will be arranged with you. You will also receive a Duties Notice of Assessment, booklet of remittance slips and accountable stamps. Once you have your EDR number, please inform us and we will attach it to your Search Manager account to enable access to online stamping services. 

WEBINAR - UNDERSTAND YOUR REQUIREMENTS FOR THE FOREIGN RESIDENTS CAPITAL GAINS WITHHOLDING TAX AND RELATED OSR CHANGES FOR LEGAL PROFESSIONALS

We ran a webinar recently to cover: 

- Purpose of new legalisation - What does it mean for you? 
- National Register of Foreign Ownership of Land Titles - What is it?
- Foreign Resident Capital Gains Withholding Tax - What is this and how does it work? 
- EDR - What are the changes? 

Download a recording.

We have consolidated a list of the Frequent Asked Questions on the topics covered during the webinar. You can access the Frequently Asked Questions here.

If you want to find out more about how SAI Global can help you with your EDR requirements, let us contact you for a discussion.

OVER THE COUNTER (OTC)

SAI Global's Property Division also provides an over the counter stamping service open from 8:30am - 4:15pm daily, at our Sydney CBD Settlement Room located conveniently on Level 3, 60 Castlereagh St, Sydney. Documents are stamped on the spot by our experienced staff, and issues that prevent stamping can be explained in detail. 

If you require stamping for Transfers of Freehold or Leasehold interests in Real Property, please ensure you have completed and bring the items listed in this checklist

Additional purchaser/transferee information (where applicable) will be required when completing a duties assessment, you will need to complete Purchaser Declaration document prior to arriving at the counter. This information will be required for all agreements for sale of land and transfers of real property.

NSW LAND TAX CLEARANCE CERTIFICATE

Also effective 1 July 2016, where a transfer of land is to occur under contract, a vendor will now be required to apply for a Land Tax Clearance Certificate as per the requirements of the Conveyancing (Sale of Land) Regulation 2010. Land Tax Clearance certificates (Section 47) can also be ordered through Search Manager, located in the NSW Property Certificates menu. 

WHAT DOES THIS MEAN FOR YOU?

You will need a clearance certificate when purchasing or selling a property or offering finance in NSW. If you are selling a property you will need to apply for a certificate using the 'VENDOR' enquiry type

For further enquiries, please call our Helpdesk on 1300 730 000 or email epropertysupport@saiglobal.com.

SURCHARGE PURCHASER DUTY

As of 21  June 2016, OSR introduced a Surcharge purchaser duty which is incurred by a foreign who is acquiring residential property in NSW. The surcharge is in addition to the duty payable on the purchase of residential property.

WHAT DOES THIS MEAN FOR YOU

If you or your client is a foreign purchasers acquiring land in NSW, you will be required to pay an additional is 4 % of the dutiable value of the interest in the residential property. Only the Purchasers duty can be processed on EDR, the surcharge duty will need to be processed by OSR directly. 

OSR have published a Surcharge Purchaser duty guide, to be used in the interim before the EDR system receives upgrades, that will automatically cater for these types of transactions. Upgrades are expected to be completed by the end of 2016.

Before sending documents to OSR for processing you must ensure the additional documents listed in this checklist are also enclosed. You can access the surcharge duty calculator here.

Application can then be sent to:

Office of State Revenue 
GPO BOX 4042
Sydney 2001 

or 

DX 456 Sydney