From 1 January 2020, Revenue NSW has made changes to many of the EDR processes these are to support eConveyancing.
Find an outline of these changes below and full details on Revenue NSW website here
Changes to EDR processes
From Monday 30 December 2019, all EDR transactions must be excluded from the weekly return.
For transactions that are settling electronically through an Electronic Lodgement Network Operator (ELNO), when asked if the transaction is settling electronically select ‘yes’. This will automatically exclude the assessment from your weekly return.
For all other transactions, when asked ‘will payment be made as part of the weekly return’ select ‘no’. The transaction will not be included in your weekly return.
From 1 February 2020, all EDR transactions must be paid through an ELNO or electronically using the payment methods displayed on the Duties Notice of Assessment. A bank cheque will only be accepted for EDR transactions eligible for an approved waiver (paper settlement). For waivers, once the duty has been collected at settlement, the transfer may be lodged at the Land Registry Services (LRS).
EDR weekly remittance slips will no longer be issued
From 1 January 2020, As a result of these changes, the EDR remittance slips will no longer be issued.
EDR system updates
- The EDR system has been updated to reflect the current indexed premium property threshold of $3,040,000 which commenced 1July 2019.
- To align with industry terminology and improve functionality, when processing a transfer of real property, the question ‘is this a fractional interest transfer’ has been changed to ‘is this a part tenancy transfer involving foreign entities’.
- The document type ‘Superannuation Transfer’ has been re-labelled ‘Superannuation Trust’.
- To support the phasing out of weekly returns and cheque payments, all document types can now be excluded from the weekly return and will display electronic payment options.
- EDR clients can now cancel online, any transactions that have been verified through their Electronic Lodgement Network Operator (ELNO).
If you require further information please contact the EDR Support team 1300 308 863 or email email@example.com
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.