2 weeks ago - last edited 2 weeks ago
Most of us have been using Duties Online to process stamp duty for some time now, and we're used to moving through the form, clicking on the various radio buttons and determining the amount of stamp duty payable by the purchaser client. We then link the completed form to the PEXA transaction, and the relevant amount of stamp duty is brought into the PEXA workspace.
But now we have the all-in-one Duties Form or Transferee Statement, which combines 17 SRO forms into just one form. This saves us the hassle of preparing Duties Form 62 and host of other SRO forms, so it's got to be a step forward. Or so I thought.
I had another lawyer, who is new to PEXA and DOL and who wants to enter into this new digital world, ask me about preparing the PEXA workspace, and completing Duties Online. I felt quite knowledgeable until we began to discuss stamp duty in DOL and the new all-in-one Duties Form. The question arose as to why we are having to key in the same information for two separate online forms for the same government department.
It seems to me that I should be able to use DOL for stamp duty purposes (and transfer this information into PEXA) without also dealing with the all-in-one Duties Form (which doesn't seem to add anything the process).
I accept that where the matter is a "paper" transaction I should complete the all-in-one Duties Form, because stamp duty is assessed on the basis of this form. But in a PEXA transaction, where stamp duty is calculated online and transferred into the PEXA workspace, why do I also have to deal with the all-in-one form?
Can anyone help me to understand the need for this extra hassle?
2 weeks ago
The Duties Digital Form is now live and has removed the need for 17 high use Duties paper forms. With its introduction duplicated data entry into paper forms, manual signing, postal and settlement booking delays, and settlement failures have been removed or lessened. A significant slashing of Red Tape. Im sure you will agree this has been a major positive step into the Digital environment for a once heavily paper reliant industry.
Like any change , there will be gradual improvements to process which will evolve as the users identify opportunities. The system currently pre populates some of the data elements across to Duties Online, and in future builds greater pre population enabled. The overriding positive being that many paper forms per transfer now don't need to be filled in manually.
There are various reasons why the PEXA platform and the data set captured in the Duties Digital form could not be aligned as at 1 July. The tight timeframes for capture of and the sensitivity of immigration data, along with the gradual electronic take up of PEXA being the main initial constraints. Again, the future should see all aligned.
2 weeks ago - last edited 2 weeks ago
Thanks for your response.
A further question, if I may, regarding tardy clients who fail to sign the online Duties Form.
Is it up to me to refuse to settle if the vendors have failed to digitally sign the Duties Form? Everything may be fine to proceed to settlement in the PEXA workspace, and the PEXA settlement will not fail if the Duties Form hasn't been digitally signed by all parties.
Am I to play the role of "bad guy" and crash the PEXA settlement if I notice that the vendors have failed to sign, or if my purchaser clients have failed to sign?
(The problem is that I seem to be assuming responsibility for things others may or may not do, and then I become the spoiler if I attempt to cover myself. This is compounded by the fact that I cannot make direct contact with a vendor's clients to urge them to sign, and a busy lawyer/conveyancer on the other side may be too distract trying to learn new systems and procedures to be of much assistance.)
Remember, a "crashed" settlement automatically starts a blame-game and threats of rescission. I don't know how I'd go placating a purchaser and vendor whose settlement I've crashed, by telling both of them that I had to do it because a digital Duties Form remained unsigned.
How best to handle this?