|Ruling number||DUT 025|
|Date issued||13 January 2003|
|Issued by||RG Smith|
Chief Commissioner of State Revenue
|Effective from||13 January 2003|
|Effective to||26 October 2018|
|Status||Replaced by DUT 25v2|
Some agreements for the sale or transfer of dutiable property that are lodged for stamping at the Office of State Revenue (OSR) contain provisions that prevent the duty from being calculated at the time of lodgement.
However, to allow the transaction to proceed and the transfer to be registered, a taxpayer or a taxpayer's representative may request that a transfer in conformity with the agreement be stamped.
In these instances the agreement for sale should be stamped ‘interim stamp only’ in accordance with Section 49 of the Duties Act and the transfer should be stamped in accordance with Section 18(2) or 18(3) of the Duties Act.
To enable this stamping, the Chief Commissioner will make an assessment of duty on the agreement by way of estimate under Section 11(2) of the Taxation Administration Act. Consequently, all information to allow this assessment to be made should be provided to the Chief Commissioner.
In addition, the person liable to pay the duty on the agreement for sale must lodge an undertaking:
to provide any necessary information to allow a final assessment;
to immediately advise the Chief Commissioner when the final value or consideration in respect of the agreement for sale is known;
to re-lodge the agreement for reassessment and re-stamping; and
to pay any additional duty, if any, that is assessed.
On receipt of the undertaking and the duty assessed in accordance with the interim assessment, the agreement for sale and the transfer may be stamped and released. The agreement will be stamped ‘interim stamp only’.
Where there is an agreement for sale of land and an agreement for sale of business and a transfer or transfers in conformity with them are lodged for stamping and it is possible to finally assess the duty in respect of one of the agreements, this assessment will be completed. The duty can be apportioned to each agreement in accordance with Section 25(5) of the Duties Act. The duty on the agreement(s) that cannot be finalised will be assessed in accordance with Section 49 of the Duties Act.
All information to enable the final assessment to be made will be held by OSR and will be followed up at regular intervals to enable finalisation at the earliest date.
This Ruling supersedes NSW SD 042.