15-10-2019 11:00 AM
During the stamping process for QLD, you are required to select an option for how the duty and unpaid tax interest (if applicable) will be paid. There is often confusion around which option to select as these options do not appear when stamping paper instruments. When you commence stamping in PEXA, you will be presented with three options. For the purpose of clarity, we have broken down the meaning of each as follows;
Option 1 - Paid to the Commissioner of State Revenue before electronic lodgement settlement
This duty option is selected when duty is payable to the OSR prior to the due date for settlement. Payment then needs to be submitted to OSR by the due date. Once OSR have confirmed payment is received, duty can then be successfully verified in the Transfer Duty screen of the workspace.
Option 2 - Received by the self-assessor before electronic settlement. (Payment should be made to the Commissioner within 14 days after the transaction is lodged.)
Select this option if you have received payment, or will receive payment at settlement for the Transfer Duty into Trust or by Bank Cheque.
Option 3 - Paid as part of an electronic lodgement settlement. (This option is only available for relevant transfer agreements.)
Select this option if the bank is advancing all funds at settlement and you require the Transfer Duty to be paid into your Trust Account for you to disburse after settlement.
This article provides further information on the relevant sections of the Duties Act 2001 around payment obligations with electronic stamping.
For general queries regarding stamping ELN Transactions please refer to OSR's E-conveyancing Toolkit.
16-10-2019 09:07 AM
As much as the below information is informative, it does not really help if the incoming mortgagee only advises us of the funds available 4.5 hours before COB the day before settlement and 95% of unconditional finance approval letters we receive do not even mention the amount the loan is approved for.
We can't rely on what the client advises us because from my experience they are clueless.