on 30-10-2017 01:02 PM
We have recently signed up for PEXA and are a bit confused regarding payment of stamp duty and the stamping process. Do we need to be registered for EDR to complete stamping and pay duty via PEXA? Can we send a cheque to the OSR for payment of stamp duty and get a reference number from them to enter into PEXA?
Also, what would be the process for getting an exemption from duty for a first home buyer?
Any assistance is greatly appreciated.
30-10-2017 06:11 PM - edited 30-10-2017 06:17 PM
the transaction needs to be assessed in EDR to be PEXA-compatible. The two systems “talk” to each other to confirm the information in each system is consistent. The PEXA platform has a requirement that stamp duty must be assessed and accounted for - this is one of the conditions required before settlement can commence.
In NSW you can choose to pay the revenue office before settlement via one of the existing payment options. If you do, EDR lets the PEXA System know. OR you can choose to pay via PEXA at Settlement (which would be required if no payment had been made earlier).
Any duty exemptions, concessions or grants are handled in the usual way in the Revenue Office system (e.g. through EDR), not in PEXA. Then the revenue office system tells the PEXA system how much duty is payable.
Hope that helps.