The Victorian State Revenue Office (SRO) has reminded taxpayers of recent legislative amendments requiring duty to be paid within 30 days of completion of the dutiable transaction or relevant acquisition.
It noted that when duty is not paid within 30 days (ie a tax default), the Taxation Administration Act 1997 (Vic) provides for the imposition of penalty tax and interest.
It said the lodgment of transactional documents within 30 days “does not absolve a taxpayer from the requirement to pay duty or prevent a tax default from occurring for the purposes of the TAA”. Accordingly, to avoid the imposition of penalty tax and interest charges from arising, the SRO said “taxpayers should ensure that all requests for assessment of duty are accompanied with an estimated duty payment within the requisite 30 day payment period”.
Further information is available on the SRO website.
[LTN 83, 3/5/13]