These are general guidelines for partition transactions that can be assessed on EDR. It also sets out exceptions where they are not able to be processed on EDR and must be submitted to us.
Section 30, of the Duties Act provides for a concessional rate of duty when a dutiable property that is co-owned (as joint tenants or tenants in common) is partitioned (divided or transferred) with the result that each co-owner receives one or more of the properties.
This page provides a general guide to aid the processing of these transactions.
The following complex assessments must be lodged with us.
The following information may assist you when processing the assessment on EDR.
For information on how to stamp the documents refer to the Duties Notice of Assessment (NOA) and statement.
You are required to submit documents listed in the evidentiary requirements to support the assessment of a partition. All documentation must be obtained before an assessment can be made.
Pursuant to Part 8 Section 53 of the Taxation Administration Act 1996, EDR approval holders must retain records for a period of 5 years to confirm that the correct tax has been paid.
This must include all documents listed in the evidentiary requirements, copies of all stamped documents and copies of any Duties Notice of Assessments issued.
Electronic Records – for audit purposes, we will accept electronic records. The records must be easy to access and read.