The State Taxation Acts Further Amendment Act 2011 received Royal Assent on 29 November 2011 and introduced changes to the Duties Act 2000 to reduce the period for the payment of duty. The time period for paying duty and lodging documents will be reduced from 3 months to 30 days.
The change comes into effect for dutiable transactions (i.e. generally this is the date of settlement) and relevant acquisitions (i.e. land rich duty), which occur on or after 1 April 2012.
In recognition of the change in the period for payment of duty from 3 months to 30 days, the State Revenue Office is instituting a transitional period from 1 April 2012 to 30 June 2012 which will include the following elements:
1. No penalty tax will be imposed for late payments of duty during the transitional period,
2. No premium interest will be imposed for late payments of duty during the transitional period, and
3. Market interest will be imposed on late payments of duty unless the customer (or his or her representative) is able to demonstrate that there were circumstances beyond his or her control that led to the late payment. These situations will be considered on a case-by-case basis.
Stamp duty must now be payed before the stamping of trust deeds can occur.
In order to improve the integrity of SMSF trustee and member details, over the coming weeks, the ATO will be reviewing all self-managed super fund (SMSF) trustee and member details and amending registration records when required.
As a result of this work, existing SMSF trustees may receive a trustee education letter and information pack for the first time from the ATO.
This pack includes publications relating to the role and responsibilities of an SMSF trustee. This letter and information pack will be for educational purposes only to support trustees in their roles.
Do you have questions?
Telephone: 1300 722 796