The State Revenue Office has cut some red tape for taxpayers and their lawyers by removing paper land transfer duty forms and introducing a new all-in-one digital duties form. The digital duties form is mandatory for all Contracts of Sale or agreements for land transfers entered into on or after 1 July 2017.
The new digital form replaces the 16 old paper-based land transfer duties forms. There is no doubt that this new streamlined approach will help avoid the duplication of data that was common with the paper forms, help remove data inconsistencies and overall it will save time and improve the process to settlement.
So how does the form get signed if it is digital?
The form gets completed by the lawyers for the Vendor and Purchaser. Once the lawyers have entered in all the data and the Verification of Identity check has been completed, the form is ready to be signed.
If you choose to sign electronically, your lawyer will simply invite you to sign by e-mailing the form to you. You will then need to follow the prompts and if you agree with the contents of the form, “sign” by ticking the boxes.
Signing the form electronically will save you a trip into our office, however if you prefer to sign manually you can still do that.