NSW Revenue Lodgement Changes for Sale of Land with a Dutiable Value of $20 million or more

Any sale of land in NSW valued at $20 million or more will need to be assessed for duty through the eDuties portal (which means it will need to be sent to Revenue NSW for assessment) and will not be accepted through EDR. This new procedure will be starting on 19 September 2024 and will be applied from 8 October 2024.

The reason for such procedural change is to ensure that high-value transactions are assessed correctly, and all evidentiary requirements are provided as Revenue NSW has recently audited transactions made through EDR and identified certain transactions which may create a higher risk to solicitors and conveyancers who assess these transactions.

In preparation for the new changes, here are a couple of things to note if you are planning to purchase land in NSW that is over $20 million:

Potential Delays – It is likely that stamp duty assessment will take longer than usual, and it is best to ensure that your settlement timeline aligns accordingly. Revenue NSW has advised that there is an option to request urgency at the time you lodge your application with a requirement to outline the reasons for urgency and the timeframe. At this stage the precise timeframe for assessments through the eDuties has not been specified thus it is clear that delays are to be expected.
Evidentiary Requirements – You may be required to provide further supporting documents such as a cover letter outlining the details of the transaction, executed agreement and/or transfer, evidence of value (if applicable), Duties Client Identification (CI) for each purchaser/transferee, completed Purchaser/Transferee Declaration form for each purchaser/transferee, or any other information that may assist in the assessment of your application (optional). There may be more paperwork and administrative work involved, however it is important to ensure that you have everything in order from the outset to avoid further delays.

For more information about how the Revenue NSW’s changed duties assessment procedures may apply to your circumstances, please contact one of our people.

Ron Zucker 0410 590 111

Eollyn Cortes 0478 727 395

Sagang Chung 0431 435 333

Julia Zou 0426 670 202