December 2019

In this edition

1. Changes to EDR processes
2. Electronic payments
3. EDR remittance slips will no longer be issued
4. EDR system updates
5. Introducing eDuties

As a result of the recent eConveyancing mandate many of the paper and manual processes traditionally required for conveyancing transactions have been replaced. Currently 98 per cent of mainstream transfers are lodged electronically and duty is paid though the Electronic Lodgement Network (ELN). To support econveyancing, we have made a number of changes.

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. The Duties Notice of Assessment will display the statutory due date for payment. If the duty is not being paid through an ELNO, you or your client can pay using the payment methods displayed on the Duties Notice of Assessment.

For all transactions, duty must be paid on or before the settlement date or by the due date on the Duties Notice of Assessment, whichever comes first. Allow up to two business days for the payment to be processed.

Electronic payments

Currently over 75 per cent of all EDR transactions are paid electronically. 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. Allow up to two business days for the payment to be processed.

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).

Send your cheque with a copy of the Duties Notice of Assessment to:

Revenue NSW

PO Box 666,

Wollongong NSW 2520

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).

Introducing eDuties

eDuties is a portal that enables you to lodge duties applications, which can't be processed on EDR, directly online.

It doesn't replace self-assessment of EDR doable transactions. Any documents that are currently assessed through EDR must still be processed this way.

Register for eDuties.