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These are general guidelines for variations of contract 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.
Once an agreement is executed it becomes legally binding. If the parties to the agreement wish to change any of the terms and conditions they enter into a variation agreement. These agreements are often referred to as a deed of variation or deed of amendment.
Pursuant to section 18(1), Duties Act these variation agreements are liable to a fixed rate of duty of $50* and the initial contract must be assessed/reassessed in accordance with the variation.
You are required to submit documents listed in the evidentiary requirements to support the assessment of a variation agreement. All documentation must be obtained before an assessment can be made.
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.
Section 31 of the Duties Act: Effect of alteration in purchase price
Footnotes
*Duty of $100 will be charged on any variation agreement entered into on or after 1 February 2024 and the initial contract must be assessed/reassessed in accordance with the variation.