on 06-08-2019 04:52 PM
Hi - we have a contract where part of the total consideration is exempt from duty as the Contract price includes plant and equipment. When I go to verify the stamp duty in PEXA it shows an error "E112: The Consideration value provided does not match the value specified within the Revenue Office System. Please check the consideration details." The Transfer/Contract consideration doesn't match the dutiable amount due to the plant & equipment exemption. How can I fix this in PEXA so it will verify. I've noted on the Transfer & Notice of Sale that it includes goods.
on 16-08-2019 04:42 PM
This transaction is out of the electronic scope.
The exemption is published on the Revenue NSW website (link below) and you will need to contact them to get the exemption letter as it involves
A transfer where the consideration contains non-dutiable components on the contract eg livestock, plant and equipment, gaming machine entitlements.
Hope this helps.
on 02-09-2019 01:57 PM
I know in VIC that rural properties that have deductible claims, we had to claim after settlement directly with SRO, this worked but you need to make your client aware that they will have to pay the full stamp duty and then you can claim a refund. Not ideal but until it is sorted, this is the only way. Good luck.
on 02-09-2019 02:50 PM
Thanks @tania1 we might have to look into doing somethimg like that too. Bit of a nuisance but if thats the only way to do it we might have to.
on 02-09-2019 02:52 PM
Hopefully it won't be too long before rural properties can settle as easily as residential for all states. Good luck.