An Electronic Duties Returns (EDR) approved person must have the duty payable available to them prior to processing transactions through EDR, except those where the duty will be paid at settlement.
Where you release the transfer to the vendor prior to settlement, you may apply the duty stamp to the transfer without processing the transaction through EDR. The transaction number, duty and assessment details (stamping details) must be left blank at this time. You must keep a copy of the stamped transfer for your records.
Prior to attending settlement you must process the matter on EDR.
When completing the assessment data you will be asked ‘Will this assessment be paid as part of this return?’
If you select ‘yes’ your payment must be included with your weekly Invoice payment.
If you select ‘no’ you will receive a Duties Notice of Assessment with a remittance slip attached.
This remittance slip must be used when paying Revenue NSW. The due date for payment is displayed on the remittance slip.
Do not include these payments with your weekly Invoice (Notice and Statement) payments.
The Duties Notice of Assessment and Duties Statement must be printed and the duty stamp applied to the agreement for sale and or transfer, if it is still in your possession. The stamping details must be left blank at this time.
Note: Only process the matter through EDR during the week of settlement.
Attend the settlement with your documents and the Notice and Statement.
After the duty has been paid at settlement, the officer representing your firm must complete the stamping details on both the agreement for sale and the transfer (this detail is included on the Statement in the Stamping and Assessment Details section).
As an EDR approved person you are accountable for all transactions processed by your firm on EDR. By using this policy, you must ensure the duty stamp is correctly applied and completed in accordance with the Statement and payment is received by Revenue NSW by the due date.
The Chief Commissioner of State Revenue accepts that, where duty on a transaction will be paid at settlement, you may not have received that duty when you entered the transactions detail into the EDR system. Provided you comply with the Directions for Using Electronic Duties Returns, the Chief Commissioner of State Revenue will not consider that you have in any way misled Revenue NSW or breached the terms of your EDR approval.
The above policy has been agreed withthe Law Society of NSW and the Australian Institute of Conveyancers NSW Division.
If settlement does not proceed but is rescheduled for another day during the same return period to which the Notice relates, you will not be required to cancel the transaction.
However, if the rescheduled settlement is to occur outside the period to which the Notice relates, you must arrange for Revenue NSW to cancel the transaction. To cancel an EDR transaction you must email or fax the completed Electronic Duties Returns – Cancellation Request form (ODA 042) and the required documents to Revenue NSW.
You must retain a copy of the cancellation form, the Notice and all supporting documents as part of your records.
Prior to attending the rescheduled settlement, you will be required to process the transaction again on EDR to obtain a new Notice.
Please ensure that you send your settlement payments to Revenue NSW as nominated in your assessment.
Where you have chosen ‘yes’ you must include your payment with the correct Invoice remittance slip.
Where you have chosen ‘no’ you must use the remittance slip attached to that Notice. You or your settlement representative can make the payment. Details of how to pay Revenue NSW are provided on each remittance slip. Do not include these payments with your Invoice payments.
All payments must be received by the due date specified on your Invoice or Notice.
Failure to do so may result in your EDR service being suspended.