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If you realise that you paid the incorrect amount of duty or did not meet conditions that applied after your transaction, Revenue NSW encourages you to tell us.
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What is a voluntary disclosure
A voluntary disclosure is when you tell Revenue NSW that something in your duty assessment or post-transaction obligations is incorrect.
This includes situations where:
you paid the wrong amount of transfer duty, surcharge purchaser duty or landholder duty, or
you did not meet the conditions of an exemption or concession (for example, residency or land-use requirements).
An error might mean there is:
an underpayment of duty that requires additional payment (with potential interest and/or penalty tax charged), or
an overpayment of duty and you are eligible for a refund.
If you discover an error, you should submit a voluntary disclosure as soon as possible.
Why you should disclose
Revenue NSW conducts regular investigations to identify incorrect duty payments and non-compliance with dutiable transactions.
Making a voluntary disclosure can help reduce the consequences of an error.
We may reduce or remit penalty tax when you voluntarily disclose an error before we discover it.
Disclosing early can also reduce the amount of interest charged on overdue duty if your transaction is reassessed promptly and paid in full.
A voluntary disclosure can make it easier to manage any overdue amounts by ensuring the duty is corrected.
By coming forward voluntarily, you:
demonstrate good faith and cooperation
reduce the likelihood of escalated action, and
help ensure your duty obligations are accurate and up to date.
forgetting to disclose information relevant to your assessment.
Required information
Voluntary disclosures must be in writing and provide enough detail for us to determine the nature and extent of the error.
Include the following information:
Your name and contact details.
If the voluntary disclosure is submitted on behalf of a client, the name and contact details of the representative/advisor submitting the voluntary disclosure.
A detailed description of the error and the reason it occurred.
Documentary evidence relevant to the disclosure (where requested).
You can also call us on 1300 139 814 or +61 2 7808 6916 if you are overseas. Staff are available Monday to Friday, 8.30am to 5.00pm AEST (excluding public holidays).
What happens next
We will review the information you have provided to us.
A Revenue NSW staff member will be assigned to investigate your disclosure.
Read more about investigations, including what to expect and the possible outcomes.
Examples
Example 1: Not meeting residency requirements
After buying their first home, Alex and Priya received a concessional rate of transfer duty under the FHBAS.
One of the conditions of the concession is that at least one buyer must live in the property for the required period after settlement.
Three months after moving in, Alex received an overseas job offer and the couple moved abroad earlier than planned.
As a result, they did not meet the post-transaction residency requirements for the concession.
Because they were no longer eligible for the concession, Alex and Priya should submit a voluntary disclosure explaining:
why they were unable to meet the residency requirement
when they moved out, and
any documents that support the change in circumstances (for example, the employment contract).
Revenue NSW will review their disclosure and reassess the duty payable.
Example 2: Surcharge purchaser duty
Min-Jun, a foreign individual, purchased a residential apartment in NSW but did not realise that foreign persons are required to pay surcharge purchaser duty when buying residential property.
When lodging the transaction, Min-Jun mistakenly declared that he was not a foreign person.
Later, after reading more about the rules, he realised that the information provided was incorrect and that he should have paid surcharge purchaser duty.
Min-Jun should make a voluntary disclosure to Revenue NSW outlining:
that he is a foreign person under NSW law
the reason the error occurred
when he became aware of the mistake, and
any supporting evidence (for example, visa or citizenship documents).
Revenue NSW will reassess the duty and determine any penalty tax or interest that applies.
Privacy collection notice
Revenue NSW collects your personal information to be able to contact you if we need further information.
We will only share your information where required or permitted by law.
To find out how you can access or correct your personal information read our privacy policy.
Related information
If you are being investigated for a dutiable transaction you must submit certain documents to us. Learn how to respond to a duty investigation.
