Changes in procedure for the assessment of duty on sale of land transactions of $20 million or more, which will almost certainly add extra assessment time, will commence on a transitional basis on 19 September and will be applied from 8 October 2024.
After these dates, land transactions of $20 million or more must be lodged via the eDuties portal for assessment by Revenue NSW, which in our experience will take some time. Revenue NSW also will not accept letters requesting urgent duty assessment for a settlement date.
If you are in the middle of negotiations, or planning them, you must set the settlement date for an agreed period after duty assessment has been completed by Revenue NSW, particularly if you want short timeframes between exchange and settlement.
If you want to understand more how these changes will affect your acquisition or disposal program, please contact us.