Duty Penalties and Remission

Penalties apply in 2 main occurrences with Transactions. The first in relation to not lodging the relevant transaction on time with the relevant Revenue Office ( and there are different time periods in Australian Jurisdictions). The second for not paying an assessment on time.

Penalties in relation to contravention of the legislation is not discussed.

In Western Australia a transaction subject to duty must be lodged within 2 months of the transaction being entered into. Care should be taken if a Heads of Agreement has been entered into, as this may trigger the liability date.

The Payment date is set out in the Assessment notice, generally it is one month, however longer periods are available for certain conditional contracts.

A remission of penalties may be possible, though generally difficult.

An assessment can be paid over a period of time, though this will attract interest.