From 1 April 2012, the time period to pay stamp duty and lodge documents for dutiable transactions will be 30 days. The 30 days generally commences from the date of settlement.
Importantly, when a client establishes a trust, stamp duty must be paid and trust deeds submitted for stamping within 30 days of the trust deed being executed (currently 3 months).
Transitional arrangements are in place from 1 April 2012 to 30 June 2012, including:
- no penalty tax being imposed for late payments during the transitional period;
- no premium interest being charged on late payments of duty during the transitional period.
Market interest will however be imposed on late payments (unless special circumstances can be shown).