The SRO is cutting red tape for taxpayers by digitising stamp duty assessments and removing paper-based land transfer duty forms.
A new all-in-one online duties form will be mandatory in Victoria from 1 July 2017.
Taxpayers and their representatives will be required to use the online form for all contracts or agreements for land transfer duty entered into, on or after this date.
Additionally, from 1 July 2017, the SRO will collect immigration data for vendors and purchasers involved in land transfers in Victoria on behalf of the Commonwealth.
The shift to the all-in-one online form will replace the existing 17 cumbersome, paper-based land transfer duties forms with a single, streamlined application.
This will end double-handling, duplication and data inconsistencies, reduce red tape, help to lower administration costs and improve settlement completion rates. The taxpayer information will be linked and pre-populated into a Duties Online transaction for a faster and more agile assessing process.
The SRO will provide a series of industry presentations across Victoria, FAQs (see below) for individuals and Duties Online users, webinars and other information resources in coming months.
Frequently asked questions
When will you start using the new system?
Use of the system will be required for all contracts or agreements entered into on or after 1 July 2017.
Which forms will be decommissioned?
The paper-based forms to be decommissioned following the launch of the online form are:
|Form ID||Form title|
|Duties-form-01||Goods Statement for Residential Land|
|Duties-form-02||Goods Statutory Declaration|
|Duties-form-03||Real Property Value Declaration|
|Duties-form-14||Statement on Change of Beneficial Ownership of Dutiable Property|
|Duties-form-53d||PPR Concession Declaration|
|Duties-form-53c||PPR Concession and Eligible First Home Buyer Duty Reduction Declaration 1/7/12 to 30/6/13|
|Duties-form-61||PPR Concession and Eligible First Home Buyer Duty Reduction Declaration on or After 1/7/13|
|Duties-form-07e||First Home Owner Exemption/Concession Declaration|
|Duties-form-08f||Pensioner Exemption/Concession Declaration|
|Duties-form-09a||Transfer Between Spouses/Domestic Partners Statutory Declaration|
|Duties-form-12||Primary Production and Water Entitlements (for all land types) Statutory Declaration|
|Duties-form-56||Young Farmers Exemption/Concession Claim Form|
|Duties-form-13||Family Farm Exemption Statutory Declaration|
|Duties-form-04a||Off-the-Plan Sales Statutory Declaration|
|Duties-form-06a||Transactions Treated as Sub-Sales of Land Statutory Declaration|
Will you have to complete multiple forms?
The form needs only be completed once, with plans for duties information to be pre-populated into Duties Online (DOL) transactions.
Will this impact on Duties Online (DOL)?
Multiple changes will streamline DOL for users, including but not limited to:
- Pre-population of duties transaction information,
- The ability to create an online form within the system,
- Tracking the status of a form,
- Seeing when your client has signed the form, and
- Storing forms for seven years
Revised DOL terms and conditions will be published in coming months.
How will the new system work with ELM?
There will be no need to scan and upload duties forms into ELM for complex transactions. You will only need to enter the electronic form ID and the SRO form will automatically link to the lodgement.
How will the information of private parties be protected?
Only the taxpayer and their representative can view their private information in the online form.
What about other SRO forms?
The remaining lower-use Adobe fillable forms will be transitioned to HTML SmartForms. The forms will be transitioned in a phased manner over the coming months.
What are the Commonwealth reporting requirements?
Recent changes to Commonwealth taxation laws introduced a Third Party Reporting framework requiring the states and territories to report to the Australian Taxation Office (ATO) details of real property transfers occurring in their jurisdictions.
As a result, the SRO will be required to collect and report vendor and purchaser information to the ATO for all Victorian property transactions.
For each transaction, the information collected and reported will include:
- Property details including land title information, property address and other descriptors,
- Transactional information including transfer price, contract date and settlement date,
- Identity information of the vendor/transferor and purchaser/transferee including name, address, date of birth for individuals, name, address and ACN/ABN for non-individuals, and
- Nationality and immigration details of the vendor/transferor and purchaser/transferee
The information is proposed to be used by the ATO for the purpose of information-matching and ensuring compliance with the taxation laws of the Commonwealth.