The responsible party must retain sufficient records in relation to each and every lodgment for a period of five years from
- the date of issue of the Certificate of Duty by the responsible party or
- if no Certificate of Duty is issued, the date the responsible party applied to terminate a transaction on relevant grounds or
- if no Certificate of Duty is issued, the date the responsible party applied to transfer the transaction to us.
For audit purposes, the responsible party must keep readily accessible, whether in hard copy or electronically, copies of the following duty endorsed documents
- the original or a copy of the dutiable transaction assessed using Online Duties, along with a copy of the Certificate of Duty (such as the contract for sale by offer & acceptance and the transfer of land) and
- a copy of any application for exemption from duty, concessional rate of duty and any other supporting documentation such as Statutory Declarations or Restrictive Covenants.
