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Self assessment allows businesses such as financial institutions and law firms to assess duty payable on documents without sending physical paperwork to the State Revenue Office.
Benefits of Self Assessment
Self assessment provides your business the following benefits:
Types of Documents that can be self assessed
Examples of the types of documents that you are able to assess through Tasmanian Revenue Online include:
Any document not on this list or deemed too complex to be completed in-house should be forwarded to the State Revenue Office for assessment.
Record, Submit and Stamp Your Document
To record details of a document in Tasmanian Revenue Online select the document type from a list and fill in the appropriate fields. Care has been taken to ensure only essential information is captured. The correct amount of duty will be automatically calculated based on the figures you enter including any interest for documents being lodged late.
Once all details have been recorded the document can be submitted electronically. A unique stamping number will be displayed confirming your document has been lodged. This is to be recorded on the document.
Depending on the types of documents you are authorised to self assess, a set of rubber stamps will be provided to each organisation that has details of your unique license number.
Amend or Cancel an Assessed Document
An assessed document can be cancelled or amended within 30 days of invoicing after which time you need to apply to this office for a refund.
Once a document has been included in an invoice, it cannot be amended, but will be able to be cancelled. This cancellation would create a refund of the amount of duty and interest, if applicable, for the document on the next invoice.
Review Assessed Documents
You are able to review all documents that have been recorded in Tasmanian Revenue Online. This allows you to check the accuracy of details entered and ensure a document has not been entered twice. Tasmanian Revenue Online also provides a facility so you can search for documents using a number of criteria, such as period lodged between, client reference number, document number and the partys name.
Documents can be selected from this search area for editing and cancelling provided it has not been invoiced.
Access Comprehensive Online Help Facilities
As details for a document are entered into Tasmanian Revenue Online, each field has help text detailing the information that is required. If the information entered requires more complex analysis, a link is provided from the field help to an associated guideline or ruling.
To justify your determination of the duty payable on a document that you have assessed, in case of an audit, you must retain sufficient evidence. The evidence requirements will differ for each type of document assessed.
All Tasmanian Revenue Online registrants will receive a copy of the Duty Instruments manual which clearly covers the evidence requirements for each document.
For example, the following excerpt is taken from the Duty Instrument manual detailing the evidence requirements that must be retained in the case of land transactions (whole):