Name of the Organization : Tasmania Department of Treasury & Finance
Type of Facility : Paying Property Transfer Duty
Country : Australia
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SRO Paying Property Transfer Duty
Duty (previously known as “stamp duty”) is a form of taxation charged by the State Government, under the Duties Act 2001, when someone acquires an interest in property, usually by buying a property.
Related : Paying Your Land Tax Account Australia Tasmania Department of State Treasury & Finance : www.statusin.org/7024.html
The type of property and the way it is acquired can impact the way that duty is assessed.
Property types subject to duty are:
** Easements & Covenants
** Gifts and Inheritances
** Residential Property
** Vacant Land
Duty must normally be paid by the purchaser/transferee within three months of the transfer of the property.
Multiple purchases (aggregation) – where there is a series of, or multiple, transactions by the same transferee or transferee(s) who are associated persons within 12 months, these transactions may be grouped together, or aggregated, for the purposes of calculating duty.
Lodging Documents for Duty Assessment:
You or your representative need to lodge the agreement for sale and transfer instrument with the SRO. You can submit a copy of the agreement but the transfer instrument must be the original instrument and must be signed and dated.
Documents can either be lodged in person at Level 3, 80 Elizabeth Street, Hobart or mailed to:
GPO Box 1374
Hobart TAS 7001
Alternatively, your representative may lodge and pay duty on your transaction via Tasmanian Revenue Online.
An assessment notice will only be issued if payment is not submitted with the documents or if duty is underpaid. Use the Property Transfer Duty Calculator to estimate the duty owed.
For transactions that commenced on or after 1 July 2009, duty is payable within three months of a transfer occurring (ie within 3 months of the settlement date).
For transactions that commenced on or before 30 June 2009, duty is payable within three months of the date the transaction commenced. In certain circumstances, an extension of time to pay duty may be applicable.
Further information is available in Assessing Duty – Frequently Asked Questions and Paying Property Transfer Duty.
What if I don’t have any documents to lodge?:
If there is no written agreement for sale or transfer instrument, the following must be provided:
** a completed Statement for dutiable transactions not effected by a written instrument and
** evidence of dutiable value, where appropriate.
How do I request a reassessment or refund?:
A failed instrument is an instrument that fails in its intended operation and becomes useless.
An Application for a Reassessment of duty in respect of a failed instrument must be made within 3 years after the initial assessment (or 3 years after the payment of duty pursuant to a special arrangement for the lodging of returns and payment of tax under Part 6 of the Taxation Administration Act 1997) or 12 months after the instrument has failed, whichever is the later.
The instrument in respect of which the application is made must be produced to the Commissioner of State Revenue (the “Commissioner”) unless the Commissioner dispenses with its production.
Failed instruments will be retained by the Commissioner for three months before being destroyed.
Paying Property Transfer duty:
How long do I have to pay?:
Duty is payable by the purchaser/transferee within 3 months of the transfer occurring, generally speaking 3 months after the date of settlement.
If the transaction is not effected by a written instrument, you must complete a written statement under section 13(1) of the Duties Act 2001. The statement must be lodged and duty paid within three months of the date of the transaction.