A contract for sale, or a transfer of land without a contract for sale, can be self-assessed if it is:
- residential land (vacant land and established properties)
- commercial land and rural land (vacant land and established properties) where:
- it doesn't include the sale of business assets or plant and equipment/chattels
- it doesn’t include livestock
- a first home buyer acquisition or
- a transaction where foreign transfer duty will apply.
If GST is payable, it must be added to the consideration amount when self-assessing the transaction.
Any of the above contracts for sale can be self-assessed if they are unconditional, or conditional upon:
- issue of title
- general conditions or
- subdivision.
Contracts for sale that are eligible for the off-the-plan concession can be self-assessed unless the contract is for multiple lots. The application form and supporting documents must be retained for audit purposes.
Example
Bill Bloggs signs a contract for sale for the purchase of a property which disclosed he is acting as agent for Mary Bloggs (principal). The transfer of land with Mary Bloggs as the transferee can be assessed for no double duty. Both the contract for sale and the transfer of land can be self-assessed.
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