The Victorian State Revenue Office (SRO) has reminded taxpayers that duty is to be paid within 30 days of the completion of a dutiable transaction or relevant acquisition. Penalty tax and interest will be imposed if a tax default arises ie if duty is not paid within 30 days. It adds that lodgment of transactional documents within 30 days with the SRO does not absolve a taxpayer from the requirement to pay duty or prevent a tax default from occurring for the purposes of the Taxation Administration Act 1997 (Vic). To avoid the imposition of penalty tax and interest charges from arising, the SRO says 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 170, 3/9/13]