Types of duty
Duties are taxes on certain transactions and documents identified in the Duties Act 2001.
The duties are:
2008–09 State Budget view information about changes to transfer duty and mortgage duty from 1 July 2008.
View information (PDF 155 K) about the mortgage duty transitional arrangements.
Duties - Self assessment
Self assessment is a method of accounting for duty and tax by periodic return, also known as in-house stamping. It involves the:
-
self assessment of duty on transactions and instruments
-
endorsements of documentation
-
payment with lodgment of a periodic return, usually weekly or monthly.
Taxpayers' agents (solicitors and financial institutions) are required to use this self assessing facility. The system has many advantages in time and cost savings, for example, not having to physically attend our service centre, and the security of retaining all documentation throughout the stamping.
Self assessors, in determining liability to duty, are guided by published revenue rulings. Ultimately, duty liability is decided by the application of the Duties Act 2001. If you are in any doubt regarding a transaction to be self assessed, please contact us.
