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VIC Complex Assessments | FAQs

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  • VIC Complex Assessments | FAQs

VIC Complex Assessments | FAQs

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JonTeh
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‎02-05-2019 11:50 AM - edited ‎09-07-2019 01:49 PM

‎02-05-2019 11:50 AM - edited ‎09-07-2019 01:49 PM

VIC Complex Assessments | FAQs

From 1 August 2019, Land Use Victoria begins its final chapter of its transition to 100% digital, when all remaining Victorian property transactions move online.

As part of this transition, the State Revenue Office (SRO) of Victoria is delivering its Duties Online (DOL) solution to allow transfers requiring complex assessments to be settled and completed electronically. Therefore, as of 17 June 2019 you can retrieve and claim your transaction for complex assessment in Duties Online, ensuring you lodge the assessment request at least 30 calendar days prior to settlement.

Once an assessment is submitted in DOL and identified as complex, the earliest possible settlement date will be returned from the SRO (30 calendar days from lodging with the SRO).

The SRO has supplied a full list of complex assessments and is hosting multiple webinars in the lead up to 17 June. View a recording or register for an upcoming webinar here.

 

From 17 June 2019, we recommend lodging all duties transactions with the SRO 30 calendar days prior to settlement, whether it’s a simple/non-complex or complex assessment, to avoid any possibility of the settlement date shifting beyond the intended settlement date.

For more information on complex assessments, please contact the SRO. Below are FAQs to further assist you with the complex assessment process in PEXA.

 

Visit our PEXA Help Center for assistance linking your Stamp Duty assessment with your PEXA workspace here.

 

What are complex assessments?

A duties transaction, lodged with the SRO, containing supporting documents that requires manual examination is considered complex.

What are simple/non-complex assessments?

Simple/non-complex assessments are those that do not require manual examination. The vast majority (approximately 90%) of duties transactions are completed instantaneously via DOL.

What happens if I do not lodge a complex assessment with the SRO 30 calendar days before settlement?

Your settlement will be pushed back automatically to meet the 30 day requirement.

Where will I see the settlement date returned by SRO?

The settlement date returned by the SRO will be viewable on your Workspace’s Stamp Duty screen.

Will the settlement date provided by the SRO populate automatically into my PEXA Workspace?

- The SRO will only move the settlement date if the initial date is set within 30 days of submitting the assessment. If the settlement date is greater than 30 days, the date will remain as is.

- If you do not have a settlement date applied to your Workspace, you must then input the settlement date provided by the SRO as normal. The settlement date provided by the SRO is viewable on your Workspace’s Stamp Duty screen.

Can I manually change the settlement date submitted by SRO?

The PEXA platform will not allow you to manually change the settlement date provided by the SRO. However, if for some reason the transaction rolls-over and does not settle on the predetermined date, there is a grace period of three business days. If the transaction does not settle within these three business days, a new assessment will be required, and an additional 30 calendar days will be added to the transaction.

 

If you want to settle on an earlier date than the one provided by the SRO you will need to request an escalation (see "What is the process for escalating a complex assessment?"). For an escalated assessment you can chose a date between the new earliest settlement date and the settlement date used when you submitted the assessment.

Whose responsibility is it to manage the duty assessment?

One Participant will take responsibility of the assessment i.e. a Participant representing one or more incoming (purchaser) parties in the Workspace.

 

In the case of an on-sale workspace (where there are multiple transfers in the same lodgement case) the final purchaser is responsible for submitting the lodgement case assessment in DOL, which includes all transfers in the workspace. Please note the final purchaser will require the Digital Duty Form ID for each transfer. 

When should I claim a simple/non-complex duties with the SRO?

We recommend lodging/claiming with the SRO 30 calendar days prior to settlement whether it’s a simple/non-complex or complex assessment to avoid any possibility of settlement date shifting beyond the intended settlement date.

When should I submit complex lodgements with the SRO?

You must submit all complex lodgements with the SRO at least 30 calendar days prior to settlement to avoid any possibility of settlement date shifting beyond the intended settlement date.

What is the process for escalating a complex assessment?

In DOL, select ‘Urgent assessment request’ from the drop-down list of supporting documents when lodging and provide:
• Reason for an urgent assessment.
• Settlement date.
• Submission/covering letter as to the duty/exemption claimed.
• All relevant supporting documents as per the Evidentiary Requirements Manual.

What does the complex assessment process look like it PEXA?

Visit this step-by-step guide for more information.

Category:
  • Document Preparation
  • Lodgement
  • VIC
  • Tags:
  • Complex
  • Complex Assessments
  • DOL
  • Duties Online
  • SRO
  • Stamp duty
  • VIC
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Bre
Bre
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on ‎15-05-2019 12:44 PM

on ‎15-05-2019 12:44 PM

Re: VIC Complex Assessments | FAQs

Hi Jonathan,

 

Number of MAJOR issues with this policy, but my questions right now relates to your answer to the FAQ "CAN I MANUALLY CHANGE THE SETTLEMENT DATE SUBMITTED BY SRO?"

What do you mean by  "predetermined date". Are you referring to our contract settlement date, or are you referring to the date determined by SRO being 30 days from the date of lodgement of the complex assessment? Because if it is the latter, am I right in my understanding then, that should we not settle within 3 business days from the date determined by SRO (even if that is not our contracted settlement date), that the lodgement will have to be re-submitted and another 30 days wait before a new assessment? 

For example, what if we lodge a complex duty assessment 45 days in advance of settlement? Assuming of course that by some miracle all of the below variables somehow work in our favour...:

1) The contracted settlement date  which is determined by the parties who have NO clue about complex assessments and these requirements, is more than 45 days after signing (noting we have no control over when a purchaser and vendor wishes to settle, but that there are plenty of contract signed up for 30 days or less). 

2) That the Vendor (who we are reliant upon to START the form and provide an invitation to us to complete the form and who doesn't know the purchaser's stamping situation) does so with enough time ahead of settlement to have it completed before this cut off time for lodgement. That's not even taking into consideration if the contract has enuring conditions making the contract conditional (eg finance for 14 days or now even longer....) in which case a Vendor would not start work for a purchaser's duty transaction if the contract is at risk of not proceeding to settlement..... 

3)  That the duties form is signed off by every party to the transaction, which we have NO control over, with longer than this cut off for lodgement before settlement.

 

If all of this miraculously happens and we submit a complex assessment for lodgement 45 days prior to our contracted settlement date (in which case the SRO would give us a "predetermined" date of 30 days later), are you saying that if we don't settle within 3 business days of whatever date they determine, that we have to re-submit the lodgement again and wait a further 30 days? Or are we able to manually alter the settlement date to match the contract date of 45 days after the lodgement is made?

There are SO many variables to all of this.

Eg, a Vendor who lives in the property who does not know their future address and can't complete the duties form until this is known. OR, any of the parties being away during the contract and unable to sign certain documents or sign the duties form. OR, a mistake being discovered in any party's contact information requiring the form to be edited and therefore re-signed by all parties. OR the complex assessment not being evident until closer to settlement. OR, the Vendor's Conveyancer/Solicitor being slack/too busy and not completing the Vendor's information and sending an invitation to us until it's already too late. OR, a contract being signed for a 30 day settlement. OR, a contract with a 45 days settlement subject to BIR and PIR or a finance clause. etc. etc.

 

How can the SRO dictate to us that 30 days prior we must submit an assessment if it is to be complex when sometimes we don't even know if a matter is to be complex until much later?  All of these factors need to magically fall into place to ensure our purchaser client doesn't cop penalties from the Vendor or, worse yet, lose a 10% deposit because a Vendor serves a rescission notice for failure to settle on time due to us waiting for the SRO to complete an assessment?!

Have you taken Off-The-Plan matters into consideration when you made this determination?! Where a purchaser is given only 14 days notice to settle a matter as determined by the Vendor. If a purchaser of an OTP property has a complex assessment, then what?! Who's going to pay the purchaser's penalties for more than 2 weeks whilst the SRO makes a determination on their payment of duty? What if the Vendor serves a rescission notice (eg. because the value has increased in the time it has been under contract and they know they can sell to someone else) whilst the purchaser is still waiting for a duty assessment and subsequently loses their 10% deposit plus costs?!?!

What happened to a purchaser being entitled to pay stamp duty up to 30 days after settlement? Why couldn't that be an option for complex assessments so as not to put Purchaser's in jeopardy of losing a property and thousands/hundreds of thousands of dollars for something they have no control over and no knowledge of?

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migration_harrysonglawyers
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on ‎12-06-2019 03:57 PM

on ‎12-06-2019 03:57 PM

Re: VIC Complex Assessments | FAQs

Hi,

 

Are there any updates that we can change the settlement date determined by SRO? I understand it is stated that we are unable to amend settlement dates by the SRO. But, our firm deals with loads of off-the-plan, foreign nomination settlements.

 

FAQ: Can I manually change the settlement date submitted by SRO?

However, if for some reason the transaction rolls-over and does not settle on the predetermined date, there is a grace period of three business days. If the transaction doesn’t settle within these three business days, a new assessment will be required, and an additional 30 calendar days will be added to the transaction.

 

This is not workable at all.

 

Thank you.

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JessHall
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on ‎13-06-2019 10:55 AM

on ‎13-06-2019 10:55 AM

Re: VIC Complex Assessments | FAQs


@JonTeh wrote:
Can I manually change the settlement date submitted by SRO?

The PEXA platform will not allow you to manually change the settlement date provided by the SRO to an earlier date.

 

However, if for some reason the transaction rolls-over and does not settle on the predetermined date, there is a grace period of three business days. If the transaction doesn’t settle within these three business days, a new assessment will be required, and an additional 30 calendar days will be added to the transaction.

So the only way we can settle on the contracted settlement date is to lodge documents with SRO for assessment exactly 30 days before the settlement date? What if that falls on a Sunday or a public holiday? That is completely illogical and unacceptable. This needs to be fixed before it goes live. I understand the need for documents to be lodged at least 30 days before settlement to give SRO time to complete their assessment, but we should not be penalised for getting the documents ready and uploaded 34+ days before settlement.

  • Tags:
  • Duties Online
  • Stamp duty
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migration_harrysonglawyers
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on ‎13-06-2019 11:15 AM

on ‎13-06-2019 11:15 AM

Re: VIC Complex Assessments | FAQs


@JessHall wrote:

@JonTeh wrote:
Can I manually change the settlement date submitted by SRO?

The PEXA platform will not allow you to manually change the settlement date provided by the SRO to an earlier date.

 

However, if for some reason the transaction rolls-over and does not settle on the predetermined date, there is a grace period of three business days. If the transaction doesn’t settle within these three business days, a new assessment will be required, and an additional 30 calendar days will be added to the transaction.

So the only way we can settle on the contracted settlement date is to lodge documents with SRO for assessment exactly 30 days before the settlement date? What if that falls on a Sunday or a public holiday? That is completely illogical and unacceptable. This needs to be fixed before it goes live. I understand the need for documents to be lodged at least 30 days before settlement to give SRO time to complete their assessment, but we should not be penalised for getting the documents ready and uploaded 34+ days before settlement.


Totally agree. Please fixed before it goes live. Please understand exact settlement date is fixed by the Vendor, not the SRO. How can the SRO determine the settlement date and purchasers got penalised because they only have 14 days to settle for off-the-plan? How will we know if off-the-plan developments are ready for settlement in 30 days? Unless Vendor gives a 30 days settlement notice, or else the settlement could and should not be determined by SRO. Please have the settlement dates amendable to a grace period of 30 days, which makes more sense. Thank you.

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Aoife
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on ‎17-06-2019 09:44 AM

on ‎17-06-2019 09:44 AM

Re: VIC Complex Assessments | FAQs

Hi all,

The State Revenue Office (SRO) of Victoria has released its Duties Online (DOL) solution to allow transfers requiring complex/manual duty assessments to be settled and completed electronically.

 

They have provided the following information:

 

  1. An updated Evidentiary Requirements Manual;
  2. A new lodgement checklist; and
  3. Detailed FAQs.

 

Cheers

 

Aoife

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on ‎17-06-2019 12:06 PM

on ‎17-06-2019 12:06 PM

Re: VIC Complex Assessments | FAQs

Hi all,

 

For all stamp duty related updates in Victoria, please view this Community page: https://community.pexa.com.au/t5/Announcements-Outages-Service/Stamp-Duty-updates-Victoria/ba-p/1635...

 

Kind regards

 

Aoife

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