How to assess a transaction in Revenue Online (Online Duties)


This video will explain how to assess a transaction
in the Online Duties system. Please note that this function cannot be accessed
until you have registered your financial institution account details in the Customer Initiated
Payment Account using the ‘Maintain CIPA option’ on the authenticated landing page.
CIPA is a form of direct debit. To assess a new transaction, select the ‘New
Transaction’ option from the left-hand menu on the ‘Online Duties – Client Profile’
page. There are four simple steps involved in assessing
a transaction in the Online Duties system. These are displayed at the top of the page. Please refer to the Online Duties Transaction
Guidelines for a complete list of approved transactions. This video will demonstrate the process of
assessing a transfer of land at the residential rate of duty. On the ‘Transaction Type Selection’ page
enter the date of execution, select the applicable dutiable transaction, transaction type and
duty rate. Please note that the options available under ‘Dutiable Transaction’ and ‘Transaction
Type’ have been locked so that only approved combinations are possible. Then click ‘Next’. You will be taken to the ‘Transaction Details’
page. Notice that the transaction type selected
on the previous page appears at the top of the screen. You can edit the duty rate by
clicking on the drop-down menu and changing your selection. Depending on the duty rate
selected, the required fields to be completed will vary slightly. The EAS function allows you to retrieve data
that you have previously entered into the Electronic Advice of Sale system. Note this
EAS field is optional. If you enter a valid EAS job ID, the Online Duties system will
automatically fill all relevant property and party details on this page. If you do not
know the EAS job ID, you can search for it by clicking on the ‘Search EAS’ button. If applicable, enter the number of duplicates
to be endorsed. If your transaction involves a conditional
agreement, select the ‘YES’ button next to the ‘Conditional Agreement’ field.
You will then be able to select the type of conditional agreement from the drop-down menu. If you have selected the residential or general
rate of duty, you are required to choose the applicable land usage code from the drop-down
menu. You will need to indicate whether or not at
least one buyer will use the property as their principal place of residence, by selecting
the appropriate button. For transactions assessable at the residential
rate of duty, you must indicate whether the land is residential land within the meaning
of s147D of the Duties Act 2008. The client reference field is available for
you to input your own reference for the transaction being assessed. If applicable, enter the number of No Double
Duty transactions to be endorsed. Before entering the land details, you must
first indicate whether there is a current Certificate of Title for the land. If the
land is a new subdivision without a Certificate of title, select the ‘YES’ button and
enter the land details for the new subdivision. Alternatively, if you select ‘NO’, proceed
to enter the survey and title particulars in the relevant fields. To add a party to the transaction, click the
‘Add’ button under the relevant party details. For the seller and buyer details,
you will need to indicate whether they are acting as a trustee or not. Then choose the
applicable name type, depending on the transaction involved: Administrator, Company, Executor
or Individual. Type in the name details. For individual buyers, it is now mandatory to
provide their date of birth. If the buyer is a company, you must include their ACN.
You can complete the lodgment of the bundle without adding date of birth or ACN details
but you can’t print the Certificate of Duty until this information is entered.
If there is only one seller or buyer, once you have entered their details, the system
will show the tenancy type as ‘Sole Proprietor’. You can view the tenancy type and share fraction
columns on the transaction page. In the case of more than one seller or buyer,
enter all their names one by one, by selecting ‘Add’. Revenue Online will default to
listing them as tenants in common. To change their ownership share fraction,
click on the ‘Modify Shares’ button. Here you can adjust what fraction of the property
each party owns. To change parties to joint tenants, click
the ‘Add Joint Tenants’ button and select which parties are joint tenants. For transactions
involving joint tenants and tenants in common, you can then return to the ‘Modify Shares’
button to adjust the ownership shares of the parties. If you make an error, click ‘Reset Tenancy’
to reset all parties to tenants in common and start again. The Online Duties system now accommodates
first home owner shared equity transactions with the Housing Authority. To process a shared
equity transaction, you must first select the applicable First Home Owner Rate and then
check the ‘Housing Authority Shared Equity’ checkbox under the Buyer/Transferee details.
The Housing Authority will then automatically be listed as a party. In order to complete the assessment you must
answer the question “Are the parties related?” by selecting either the ‘Yes’ or ‘No’
button. Where the sellers and buyers are related, the property must be independently valued
as part of the assessment process, unless it has an exemption under section 97 of the
Duties Act 2008. For more information on related party transactions, see the videos on ‘How
to assess a transaction between related parties’. The final step to complete on the ‘Transaction
Details’ page is to enter the dutiable value, date of execution and where applicable, exemption
type and percentage. Then click on the ‘Calculate’ button at
the bottom of the page and the system will automatically calculate the duty payable and,
if applicable, any penalty tax for late lodgment. Select ‘Next’ to proceed to the Confirmation
page. This page will display a summary of the information
you have entered, together with the duty assessed. Should any details be incorrect, press the
‘Back’ button to return to the ‘Transaction Details’ page and amend them. Clicking on the ‘Confirm’ button will
bring you to the ‘OSR Bundle Receipt Summary’ page. The receipt will be displayed as a PDF
file; allowing you to print and save for your records. The assessment is complete and the transaction
will now appear as ‘ASSESSED’.

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