The Conveyance by Return (CBR) scheme is an approved special tax return arrangement under section 49 of the Taxation Administration Act. Subject to the terms and conditions detailed in this guide, CBR allows approved persons to effectively and accurately calculate stamp duty on approved instruments. These instruments can then be stamped and the duty payable remitted to the Commissioner by way of a monthly return.
Conveyances
Single conveyances between non-related parties of:
| - | residential property; | |
| - | commercial property where there is no associated conveyance of business property; | |
| - | single conveyances to a nominee pursuant to a contract of sale where the nominee is specified in the contract; and | |
| - | and several conveyances between unrelated parties where it is accepted that the provisions of section 52A of the Stamp Duty Act apply an aggregation to the transactions. |
Excludes:
| - | any contract where the purchaser shown is described as "and/or nominee", and the transferee on the subsequent transfer differs from the purchaser or nominated purchaser; | |
| - | any transaction where the total consideration expressed in the contract or transfer does not reflect the full unencumbered value of the property; | |
| - | conveyances between related parties. |
Deeds
Deeds of a type approved by Territory Revenue Office.
To assist with the assessment and return process, a PC based computer program has been developed that records the details of the conveyance or deed, automatically calculates the stamp duty payable and generates a monthly return. It also provides the ability to search documents previously stamped under the scheme.
The CBR program will need to be installed onto a computer in your office. Thus, to be considered for CBR, you must have appropriate computer hardware and software already in your office.
The minimum system requirements for that computer will be an I.B.M. compatible PC with a 486 or higher processor which is capable of running Microsoft Windows 95 or above. Preferably the PC would have a CD rom installed.
| 1. | Apply to become an approved person; | |
| 2. | An authorised CBR participant will enter details of documents to be assessed under the CBR scheme onto the CBR computer program; | |
| 3. | The program will then calculate the amount of stamp duty payable on the document and record the document; | |
| 4. | The authorised CBR participant will then be required to collect the assessed stamp duty from the client and stamp the document with the rubber stamp provided free of charge by this Office; | |
| 5. | The clients payment will then be banked into a trust account; | |
| 6. | At the end of the month, the program will compile the documents assessed during that month in a return; | |
| 7. | This return is then to be submitted to the Commissioner of Territory Revenue with the collected stamp duty; | |
| 8. | We will conduct periodic audits of your records and the stamped documents at your premises. |
There will be a number of benefits for your firm in being approved to use the CBR program:
| - | You retain full control over the documents that require stamping; | |
| - | There will be increased security over your documents as they will not leave your premises; | |
| - | There will be a reduction in administration costs as a result of not having to regularly attend this Office; | |
| - | Waiting times associated with stamping routine conveyances is reduced. This is especially relevant for "quick settlements"; | |
| - | You can decide what type of documents you want to stamp in-house and when. If you are unable to stamp a document you can still lodge it with this Office for assessment; | |
| - | A single, aggregated payment is sent with the monthly return; | |
| - | You will be able to offer improved service to your clients by being able to provide speedier, more efficient processes; | |
| - | The CBR program, stamps and associated technical and administrative support is provided free of charge. |
You can lodge your return via e-mail and pay via EFT or you can post the return with a Trust or Bank Cheque and a disk containing the document information.
A training program has been developed. This includes:
| - | Training for the CBR Program; | |
| - | Assessing Procedures; | |
| - | Provision of a manual containing CBR program help and Assessment policy and guidelines; | |
| - | Technical backup. |
Application Requirements:
Approval may be granted by the Commissioner after consideration of:
| - | the volume of transactions conducted by your firm; | |
| - | your ability to maintain records and the accessibility of those records; and | |
| - | being able to assess routine conveyances. |
Solicitors and conveyancing agents may apply to participate in the scheme by lodging an application form with the Commissioner. The forms are available by contacting the Office on 8999 7949.