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TAS Conveyancing & Property

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Stamp duty fields

The stamp duty fields have been renamed to assist in identifying the relevant stamp duty fields for each state and territory (when inserting them in precedents).

All stamp duty fields will now have the prefix naming convention of SD (Stamp Duty)  and the relevant state or territory:

State Current display name Updated display name
NSW Stamp duty display [SD NSW] Stamp duty payable
VIC VIC SD on transfer (Short text) [SD VIC] Stamp duty payable
TAS TAS Duty Payable [SD TAS] Stamp duty payable
WA WA SD Rate – Payable Amount [SD WA] Stamp duty payable
NT NT Stamp Duty display [SD NT] Stamp duty payable
QLD QLD SD Stamp Duty payable [SD QLD] Stamp duty payable
ACT ACT Stamp Duty display [SD ACT] Stamp duty payable
SA SA Duty – Payable [SD SA] Stamp duty payable

As each state and territory has different transfer duty rates (as well as varying exemptions and concessions), please ensure the correct field is using when inserting them in your precedents.

Details on other fields in LEAP that have been prefixed are outlined in this previous LEAP Forms Blog post.

Further details on how to insert fields into your precedents in LEAP can be found in this LEAP Community article.

 

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Conveyancing details – GST Residential Withholding Payment field

GST Residential Withholding Payment field (from the Conveyancing details table) has been updated to round down the relevant figures to the closest dollar:

This is in alignment with the ATO’s requirements that the supplier notification where the amount withheld is to be rounded down to the closest dollar.

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TAS – Matter Information Sheets

We have created hyperlinks for all Matter Information Sheets currently available in LEAP Community.  The Information Sheets are How to articles to assist you on matter setup and common form usage.  Information Sheets that are matter specific are located in the LEAP Forms folder and Information Sheets that are relevant to a particular form are located immediately preceding the form.

Matter Information Sheets hyperlinks for TAS are available as follows: [Read more…] about TAS – Matter Information Sheets

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TAS Foreign Purchaser Duty Surcharge

As from the 1st April, 2020 the duty surcharge on Foreign Investors is increasing:-

For agreements (or transactions without a written agreement) on or after 1 April 2020, the following surcharge rate applies:

  • ​8 percent on the proportion of the dutiable value of residential property directly or indirectly acquired by
    a foreign person; and
  • 1.5 per cent on the proportion of the dutiable value of primary productions property directly or indirectly acquired by a foreign person.