on 06-04-2021 09:53 AM - last edited on 17-03-2022 10:48 AM by Morvanna
The QRO in QLD has asked us to remind all users in regards to payment options and obligations when dealing with digital settlements. Please read below which is from the QRO directly.
If you are processing a transaction via an ELNO, you are required to authorise your payment method in the ELN workspace, identifying that duty and UTI (if applicable) will be either:
If you select method 1, your client will need to make payment of the assessed liability (duty and any UTI) before the transaction settles. The transaction won’t verify if there isn’t a payment against the transaction.
If you select method 2, you are required to receive the funds [for payment of the assessed liability (duty and any UTI)], either in your trust account or by way of cheque, before the transaction settles. If you select this payment method and do not receive funds prior to settlement of the transaction, you may be in breach of your obligations under the Duties Act 2001, which can affect your registration as a transfer duty self assessor. Once you have received the funds, it is open to you to make payment to the Commissioner prior to settlement and you are not required to change the payment method.
If you select method 3, the funds for the assessed liability (duty and any UTI) will be paid into your trust account at settlement. You are then required to remit these funds to the Commissioner by the due date for payment (on your Transaction Statement Summary available in OSR Online). It is worth noting that if your lodgement in QRO Online was late, the UTI Start Date will be before the due date for payment. In these circumstances, payment is required before the UTI Start Date, to avoid the imposition of additional UTI. By selecting method 3, you are making a payment commitment and, under the Duties Act 2001, the Form 1 Transfer can be endorsed. Therefore, in these circumstances, payment is usually received by the Commissioner after settlement of the transaction.
Please note that you are not permitted to enter the QRO’s bank account details or BPAY reference details, into the ELNO workspace, when selecting method 3 – only your bank account details are to be entered as the funds must be received into your trust account, at settlement, prior to being remitted to the Commissioner.
If you have any queries in relation to payments please contact QRO directly - details can be found here.