From 1 July 2019, all mainstream property transactions must be lodged electronically.
An electronic Duties Verification Service (DVS) is completed by the ELNO as part of the eConveyancing property settlement process. A successful DVS is required before the property title can be transferred to the new owner.
The electronic DVS is replacing the paper-based process of stamping a dealing form with an approved Revenue NSW stamp to confirm payment of duty. Physical stamping of documents is no longer required where the title transfer occurs through an ELNO.
Duty must be paid before the due date shown on the Notice of Assessment on all transactions. Interest accrues daily on assessments not paid by the due date.
If your ELNO settlement is scheduled after the due date, pay your duty through other electronic payment channels to avoid incurring interest.
A Duties Verification Service (DVS) will confirm that the Revenue NSW Duties Assessment Number (DAN) is valid and the title transfer transaction data entered in the ELNO workspace (parties, properties and consideration) is the same as the Revenue NSW data used to assess the duty on the transaction.
The DVS is triggered as soon as the DAN is entered into the ELNO workspace. As the practitioner, make sure you do this as early as possible in your pre-settlement preparation. If not, this may cause errors and further delays on the day of settlement. Early preparation is key to a smooth process.
When verification is successful, Revenue NSW will automatically populate the ELNO's Property Settlement Financial Summary with the duty payable (if any) including any interest or penalties.
The duty amount and payment reference are locked into the workspace. You must complete this step to proceed to settlement.
If there is a discrepancy between the ELNO information and the Duties Notice of Assessment, an error message will be displayed in the ELNO workspace. You won’t be able to continue the ELNO settlement process until you resolve this error.
Do not leave the verification to the last few days before settlement.
The DVS may be repeated by the practitioner at any time.
The ELNO system will force a repeat verification 2 days before the settlement date. As a confirmed DVS is required before settlement can proceed, the repeat verification helps prevent last-minute problems.
If the DAN is not entered in the workspace before or on the day of settlement, the early checking cannot be completed. This may cause an error in the DVS and and cause delay to the property settlement.
The ELNO again triggers the final DVS on the day of settlement which will ensure: