Transactions to note when self assessing

Home/first home and vacant land concessions

The home/first home concession is only available to individuals who will occupy the home as their principal place of residence.

Companies and/or trustees cannot claim the home/first home concessions, except in certain instances where all the beneficiaries of the trust (not a discretionary or unit trust) are individuals under a legal disability and will occupy the home as their principal place of residence.

For more information relating to home concessions and first home vacant land concession, refer to the concessions web page.

Transactions subject to GST

If GST is payable under a contract as part of, or in addition to, the stated consideration, then transfer duty is calculated on the total (including GST). 

See Public Ruling DA011.1—Transfer duty on dutiable transactions subject to GST for more information. 

Section 30 aggregation

Section 30 of the Duties Act 2001 (the Act) applies to dutiable transactions that together form or give effect to one arrangement. This means that the transactions should be aggregated. In these cases, duty must be:

• assessed on the total of the dutiable values of the transactions (when the liability for duty for each of the transactions arose)
• apportioned between the transactions.

Note: If your client disagrees with the assessment, you (on the client’s behalf) or the client may lodge an objection after the document(s) have been endorsed and full duty has been paid.

See Public Ruling DA030.1—Transfer duty—aggregation of dutiable transactions for more information. 

Endorsement of section 30 transactions

Transfers by direction

Transfers by direction involve a sale from party A to party B and then a further sale to party C. Usually, there will be a contract of sale between A and B and another between B and C, with one transfer from A to C. Both contracts are endorsed separately.

If you are the self assessor for the second contract, you cannot endorse the transfer unless you have a copy of the first contract, which shows the initial duty paid. You must keep a copy of the first endorsed contract on file.

Endorsement of transfer by direction

Documents pursuant to transfer of business assets

You must assess the pursuant documents (e.g. transfers/assignments of lease/letting agreements, management rights and transfers of land). Endorse these with the same transaction number as the agreement (once transfer duty has been paid on the agreement).

Documents that are not pursuant to a transfer of business assets but are executed in conjunction with the business transaction (e.g. deeds of consent or guarantees) do not attract duty. You do not need to endorse these documents.

Transactions that require a valuation or evidence of value

A valuation or evidence of value is required and must be retained on file for all transactions between related or associated persons.

A valuation or evidence of value is also required where:

• there is no stated consideration for the transaction

or

• the consideration cannot be determined when the liability for the transfer duty arises.

See Public Ruling DA505.1—Residential property valuations for more information.