Self endorsement allows businesses such as financial institutions and law firms to determine the duty payable on documents without sending physical paperwork to the State Revenue Office.
Benefits of Self Endorsement
Self endorsement provides your business the following benefits:
- Competitive advantage through improved customer service.
- You retain full control over the documents that require endorsing.
- You can manage and prioritise the processing of documents to suit your needs.
- Security is increased as paperwork remains on your premises and under your control.
- Turn-around time is reduced as there is minimal handling of paperwork and no delivery delays.
- Administrative costs are reduced - postage, courier, hand deliveries and phone calls are minimal or nil.
- Potential loss of correspondence in transit is eliminated.
- Self endorsement is not limited by regular business hours.
Types of Documents that can be Self Endorsed
Examples of the types of documents that you are able to endorse through Tasmanian Revenue Online include:
- Mortgage/Mortgage Upstamp (Tas Security)
- Land transaction (whole)
- Duplicates and counterparts
- Mortgage/Mortgage Upstamp (Cross Jurisdictional Security)
- Mortgage Refinance (Cross Jurisdictional Security)
- Mortgage refinance Tasmania
- Business assets transaction (including Real Estate)
- Mineral Tenement transaction
- Partnership Interests Transaction
- Statutory licence transactions (various types)
- Miscellaneous documents
Any document not on this list or deemed too complex to be completed in-house should be forwarded to the State Revenue Office for endorsement.
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 endorse, a set of rubber stamps will be provided to each organisation that has details of your unique license number.
Amend or Cancel an Endorsed Document
An endorsed 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 Endorsed 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 endorsed, in case of an audit, you must retain sufficient evidence. The evidence requirements will differ for each type of document endorsed.
All Tasmanian Revenue Online registrants will have access to online help files which clearly cover the evidence requirements for each document.
For example, the evidence requirements that must be retained in the case of land transactions (whole):
- If the instrument evidencing the dutiable transaction is to be lodged with the Recorder of Titles (or Registrar of Deeds), the only evidence that must be retained is a copy of the agreement or contract for sale (if any). If there is no agreement or contract, no evidence is required to be retained other than evidence of value.
- If the instrument evidencing the dutiable transaction is not to be lodged with the Recorder of Titles or Registrar of Deeds (ie the instrument is a declaration of trust or similar), you must keep a photocopy of the original instrument showing the duty endorsed on it.
- If the instrument evidencing the dutiable transaction is a Statement pursuant to Section 13 of the Duties Act 2001, you must keep a photocopy of the Statement showing duty endorsed on it.