About Mark-RevenueNSW

The State Revenue and Fines Legislation Amendment (Miscellaneous) Act 2022  received assent on Thursday 19 May 2022 which includes changes to the Duties Act 1997.   1) Revenue NSW released a media statement    2) Refer to the Legislation Amendment Act 2022 Guide for more information on the changes.   This guide provides a central place for industry professionals to access key information relating to the amendments, and how they affect duties transactions.   Further, the guide includes an overview of changes to the First Home Owner Grant (New Homes) Act 2000, Land Tax Act 1956, and the Taxation Administration Act 1996. ... View more

Transfer duty — annual indexation correction The transfer duty thresholds and base amounts as published for the 2021/2022 financial year contain errors. A new notice has been published with the correct thresholds and base amounts. https://www.revenue.nsw.gov.au/news-media-releases/transfer-duty-annual-indexation-correction Electronic Duties Returns (EDR) Update The EDR December 2021 update is now available. Topics for this edition: Transfer duty — annual indexation correction Options — lodgement requirements eConveyancing — resolving verification errors Payment of transfer duty over the Christmas/New Year period Upcoming changes to Purchaser/Transferee declaration and Explanatory notes https://www.revenue.nsw.gov.au/electronic-duties-for-professionals/update/december-2021 ... View more

eDuties Update Revenue NSW has introduced an eDuties newsletter designed to help subscribers with submitting eDuties transactions. Topics for this edition: Common issues when lodging an application through eDuties New features in eDuties New application types FAQ’s ... View more

  Revenue NSW has published the July 2021 EDR update.   Topics for this edition include:   First Home Buyers Assistance Scheme (FHBAS) thresholds First Home Buyers Assistance Scheme (FHBAS) and surcharge purchaser liability Duties Annual Indexation - 2021 Preventing duplicate duty payments   ... View more

As part of the 2019 NSW State Budget, NSW Government introduced annual indexation of duties thresholds and base duty amounts (aligned to CPI). This impacts the general rate of duty and premium duty.   The indexed amounts are now available on the Revenue NSW website and calculators. The indexed amounts apply from 1 July 2020 to 30 June 2021.   Division 3 Indexation of amounts in the Duties Act 1997 provides detailed information relating to annual indexation. ... View more

  On the day of settlement, the amount of duty payable can change. The most common reason for this occurring is: A duty assessment is accruing interest on a daily basis Revenue NSW recommends subscribers complete a manual duties verification the morning of settlement. The verification provides the updated duty amount payable (includes interest and penalty figures). This approach may allow additional time to ensure sufficient source funds for settlement.   Revenue NSW is working closely with PEXA in designing a solution to improve the subscriber experience. ... View more

All professionals are now using eDuties for their complex assessing matters with Revenue NSW. . We have had a large uptake in the platform and received positive feedback with it.   There are also some common questions asked so we have put together an FAQ which is attached.   For instructions on how to register for eDuties click here ... View more

Are you registered for eDuties?   As a result of COVID-19 Revenue NSW has invoked its business continuity plan. Our priority is to ensure the safety of employees, customers and stakeholders while maintaining effective business operations to support conveyancing.   Commencing Monday May 4, all complex assessing and refund applications lodged by industry professionals must be lodged digitally through our eDuties service.   For firms that do not wish to use our digital services we are encouraging them to engage a settlement agent who can lodge matters on their behalf through eDuties or assess them using our EDR service.   Click here for more information on eDuties and how to register. ... View more