Commonwealth reporting

Commonwealth reporting requirements

Effective 1 July 2016, additional information will be required on real property transfers.

In a meeting of the Commonwealth, State and Territory Treasurers, it was agreed to establish a National Register of Foreign Ownership of Land Titles. The register would build on the Commonwealth’s existing National Register of Foreign Ownership of Agricultural Land.

On 30 November 2015, the Federal Government enacted an amendment to Division 396 of Schedule 1 of the Taxation Administration Act 1953 (TAA 1953) to include Subdivision 396-B. The Australian Taxation Office (ATO) administers this legislation. Under this law the Commissioner of Taxation can require certain entities to give information about transactions that could reasonably be expected to have tax consequences for other entities.

As a result, Revenue NSW will be required to collect and report transfers of freehold or leasehold interests in real property situated in New South Wales to the Commissioner of Taxation from 1 July 2016.

For each transaction, the information collected and reported will include:

  • Property details including land title information, property address and other descriptors

  • Transactional information including transfer price, contract date and settlement date

  • Identity information of the purchaser/transferee and vendor/transferor including name, address, date of birth for individuals, name, address and ACN/ABN for non-individuals

  • Foreign identity details.

The information is proposed to be used by the ATO for the purpose of information-matching and ensuring compliance with the taxation laws of the Commonwealth. In addition, the information (which will include information about the nationality and residency of vendors and purchasers) is to be used for the purposes of a National Register of Foreign Ownership of Land Titles to be administered by the ATO.

Provision of the information to the ATO will be enabled by changes to the Taxation Administration Act 1996 and will extend to various offences provided in the Act to persons who are required to provide the information to Revenue NSW.

Vendor/Transferor

Vendor Information will be collected via the Land Tax Certificate Process

An amendment to the Conveyancing (Sale of Land) Regulation 2010 will require the vendor under a contract for the sale of land to provide a current Land Tax Clearance Certificate (section 47 certificate) to the purchaser.

All contracts entered into on or after the 1 July 2016 will require the vendor to provide the purchaser with a current certificate. Vendor information required (where applicable) when completing the application for a Land Tax Clearance Certificate is listed in the Commonwealth Reporting Reference Table.

Online Land Tax Clearance Certificate

All online Land Tax Clearance Certificate requests made by a vendor must be lodged through a Client Service Provider (CSP). To view the list of CSPs, please visit the CSP page. Failure to provide this information will result in your Land Tax Clearance Certificate request not being processed.

Lodgement with an Approved Settlement Room

All Land Tax Clearance Certificate requests made by a vendor at an approved settlement room must include the required information. Failure to provide this information will result in your Land Tax Clearance Certificate request not being processed.

Purchaser/Transferee

On or after the 1 July 2016, additional purchaser/transferee information (where applicable) will be required when completing a Duties assessment. This information will be required for all agreements for sale of land and transfers of real property. The Commonwealth Reporting Reference Table outlines the additional purchaser/transferee information required.

Electronic Duties Returns (EDR) requirements

All affected conveyancing transactions available through EDR will require the new information to be entered as part of the assessment. EDR clients must retain certified copies of any documents provided for audit purposes.

Lodgement with an Approved Settlement Room

All affected conveyancing matters presented at an approved settlement room for assessment will require the new information. The evidence required must be originals or certified copies, all original documents will be returned when your matter has been finalised. Failure to provide this information will result in the assessment of your matter being delayed.

Lodgement with us

All affected conveyancing matters lodged with us for assessment will require the new information. The evidence required must be originals or certified copies, all original documents will be returned when your matter has been finalised. Failure to lodge this information will result in the assessment of your matter being delayed.

Commonwealth reporting reference table

This table references information required for vendor/transferor and purchaser/transferee when completing a real property transfer in NSW.

A = Australian  |  F = Foreigner

For a printable version, please download a PDF copy of the Commonwealth reporting requirements.

 

 

Information

Vendor/Transferor

Purchaser/Transferee

Individual

Company

Individual

Company

A

F

A

F

A

F

A

F

1

Date of Birth

 

 

 

 

 

 

2

Tenancy Type

 

 

 

 

3

Percentage of Ownership

 

 

 

 

4

Name of Trust*

 

 

 

 

5

Enquiry ID

 

 

 

 

6

Consideration Amount

 

 

 

 

7

Value Amount

 

 

 

 

8

GST Payable

 

 

 

 

9

Country of Tax Residence

10

Country of Citizenship

 

 

 

 

11

Foreign Investment Review Board Number

 

 

 

 

12

Passport Number*

 

 

 

 

 

 

13

Visa Number*

 

 

 

 

 

 

14

Visa Subclass

 

 

 

 

 

 

15

Visa Expiry Date

 

 

 

 

 

 

16

Overseas Identifier

 

 

 

 

 

 

17

Address at time of Transfer

18

Address for Future Notice

19

Contact Name

20

Contact Country Dial Code

21

Area Code

22

Contact Phone Number

23

Contact Email Address

24

Country of Incorporation

 

 

 

 

25

ABN

 

 

 

 

 

 

26

ACN

 

 

 

 

 

 

27

ARBN

 

 

 

 

 

 

28

Overseas Registration Number

 

 

 

 

 

 

 

29

Other Overseas Identifier

 

 

 

 

 

 

30

Organisation Number

 

 

 

 

 

 

* where applicable

Last updated: 30 July 2017