on 29-05-2019 04:28 PM
Today we found out that although we had stamped in PEXA and had the funds in the source tab Revenue NSW does not take this into account when the settlement date is longer than 3 months from exchange. Interest is charged.
Could PEXA and OSR have a system in place so that conveyancers and solicitors when stamping and enter amounts in PEXA, that if the completion date is over the 3 month period that the stamp duty can be paid through PEXA when due therefore eliminating interest being charged.
on 30-05-2019 09:13 AM
HI @Petramunro. There has been no change to the NSW statutory requirement of payment of stamp duty within 3 months from the Contract date. If completion is after this time, to avoid interest, payment should be made manually prior to settlement.
Revenue NSW has however previously advised other practitioners that once the duty assessment is done via EDR it stops interest from accruing for a period of 21 days to allow the matter time to settle and payment to reach them. You can clarify further directly with the eConveyancing team @ Revenue NSW.
on 30-05-2019 09:40 AM
Thank you for your reply. To avoid this trap happening to others maybe PEXA together with Revenue could put a method place in the workspace indicating that the 3 month period is approaching and the duty should be paid by cheque direct to OSR to avoid penalties.