Online Stamping Record Keeping Recommendations
The Revenue Online (ROL) Duties system enables Responsible Parties to self assess the duty liability of a liable party (taxpayer) and to collect and remit duty payments to the Office of State Revenue.
The Office of State Revenue is required to ensure the collection of all state taxes and as such will conduct periodic ROL Duty audits/investigations, in accordance with section 92 of the Taxation Administration Act 2003. This is to ensure that all Responsible Parties are meeting their obligations as set out in the Special Tax Return Arrangement (Online Duties) Terms and Conditions, section 49 of the Taxation Administration Act 2003 and Duties Act 2008.
In accordance with section 49 of the Taxation Administration Act 2003, and clause 20 of the Special Tax Return Arrangement entered into, the Responsible Party must retain sufficient records in relation to each and every transaction for a period of five (5) years from:
- the date of issue of the Certificate of Duty by the Responsible Party; or
- where no Certificate of Duty is issued, the date the Responsible Party applied to terminate a transaction on relevant grounds; or
- where no Certificate of Duty is issued, the date the Responsible Party applied to transfer the transaction to the Commissioner.
For audit purposes, the Responsible Party must keep readily accessible copies of duty endorsed documents as listed below, whether by hard copy or electronically.
- The original or a copy of the Dutiable Transaction assessed using the Revenue Online Duties Facility, along with a copy of the Certificate of Duty in addition to a copy of the NDD Certificate. E.g. the Contract of Sale by Offer and Acceptance and the Transfer of Land.
- A copy of any application for exemption from Duty, concessional rate of Duty and any other supporting documentation such as Statutory Declarations or Restrictive Covenants. The Transfer document and any associated restrictive covenants.
To streamline the audit process, it is strongly recommended that copies of endorsed documents including transactions terminated on relevant grounds be kept in order in a separate file.
Should you have any queries regarding the Responsible Party’s record keeping obligations, please contact your Electronic Services Support Officer or the Electronic Services Support team by telephone on (08) 9262 1113 or email email@example.com.