s.422(c) Duties Act (transactions made in accordance with a recognised agreement)

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Section 422(a) of the Duties Act 2001 (the Act) provides that a recognised agreement under section 266 of the Property Law Act 1974 (the Property Law Act) is a de facto relationship instrument to the extent that it deals with de facto relationship property.

Section 422(c) of the Act provides that an instrument made under a recognised agreement is also a de facto relationship instrument if it deals with de facto relationship property.

Under section 424 of the Act, duty is not imposed on a transaction that gives effect to a de facto relationship instrument. Property settlements made outside of Queensland that have no reference to section 266 of the Property Law Act would not qualify for the exemption under section 424 of the Act and should be forwarded to us for assessment.

To determine if the exemption contained in section 424 applies, please use the interactive form below.

Begin at question 1

Question 1

Do you have a transaction (e.g. transfer) made in accordance with a recognised agreement?

See examples of dutiable and exempt transactions under Section 266 of the Property Law Act for more information.

  • Yes

    Go to question 2

  • No

    You have completed all relevant questions. Please print a copy of this page, note the applicable transaction number, your name and the date of lodgement, and keep it for your records.

    Go to message 5

Question 2

Was the transaction signed after the recognised agreement?

  • Yes

    You have completed all relevant questions. Please print a copy of this page, note the applicable transaction number, your name and the date of lodgement, and keep it for your records.

    Go to message 3

  • No

    You have completed all relevant questions. Please print a copy of this page, note the applicable transaction number, your name and the date of lodgement, and keep it for your records.

    Go to message 4

Message 3

Based on the information you have provided, this transaction is exempt under s.424 of the Act.

For audit purposes, you must keep:

  • the recognised agreement or certified copy of the recognised agreement
  • the instrument made under the recognised agreement or a copy thereof
  • the Form 2.2 (PDF 710 K).

You must keep all records for 5 years in accordance with s.118 of the Taxation Administration Act 2001.

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 4

Forward the recognised agreement and transfer to OSR for assessment. The exemption under s.424 of the Act may or may not apply.

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 5

Based on the information you provided, the transaction does not satisfy the exemption requirements and must be self assessed for duty on the unencumbered value of the property. 

For audit purposes, you must keep:

  • the recognised agreement or certified copy of the recognised agreement
  • the instrument made under the recognised agreement or a copy thereof
  • the Form 2.2 (PDF 710 K)
  • evidence of value.

You must keep all records for 5 years in accordance with s.118 of the Taxation Administration Act 2001.

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

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Last reviewed 16 March 2012