QLD Transfer Duty - Endorsing of ELN Transaction Documents & Payment Obligations
We often receive queries from our QLD Practitioner Members on the relevant section of the Duties Act 2001 that relates to the endorsement of ELN transaction documents and the making of payment commitments for Transfer Duty, particularly as the Transfer Guidelines require stamping to take place prior to the settlement date and, if the Bank is advancing all funds, prior to receipt of the Transfer Duty.
The QLD Office of State Revenue have provided the following reference points to assist Practitioners as follows:-
The relevant part of the legislation in regards to the endorsement of ELN transaction documents and the making of payment commitments is at section 480A(2) of the Duties Act 2001 , which states:
“A self assessor registered under chapter 12, part 2 or 3 must not endorse an ELN transaction document for an ELN transfer under section 455A on the basis that section 22 (2A) applies to the ELN transfer unless a payment commitment has been made for the relevant transfer agreement.”
For reference section 22(2A) of the Duties Act 2001 states:
“Also, if a payment commitment is made for a dutiable transaction that is an agreement for the transfer of dutiable property, no transfer duty is imposed on an ELN transfer of the dutiable property to the transferee under the agreement.”
Should you require further clarification on the above then you should contact OSR .
For general queries regarding stamping ELN Transactions please refer to the OSR PEXA Toolkit .
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