s.90L Family Law Act (transactions made in accordance with a financial agreement)

Toolkit

Part VIIIA of the Family Law Act 1975 (Cwlth) (FLA) provides for certain agreements to be exempt from duty. Financial agreements made in accordance with Part VIIIA of the FLA are exempt under section 90L of the FLA. Use the interactive form below to determine whether a transaction is exempt.

Note: If more than one property is being transferred under the financial agreement (resulting in multiple transfers), each transfer must be assessed individually and receive its own unique transaction number in OSRconnect.

Begin at question 1

Question 1

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

  • 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 15

Question 2

Is the transaction dated after the financial agreement?

  • Yes

    Go to question 4

  • No

    If you can obtain a copy of the legal practitioner's statement, you may be able to assess these documents in house—once you have the statement, complete this interactive form again and answer 'yes' to the question: Has a legal practitioner provided each of the parties with a statement of legal advice?
    If you can't obtain the statement, forward the financial agreement and transaction to our office for assessment.

    Go to question 3

Question 3

Has the transaction been held in escrow?

  • Yes

    Go to message 11

  • 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 14

Question 4

Have the parties separated?

  • Yes

    Go to question 5

  • 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 12

Question 5

Does the financial agreement contain a separation declaration? If not, do you have a separate separation declaration?

  • Yes

    Go to question 6

  • 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 16

Question 6

Is the transaction clearly specified under the financial agreement?

See examples of dutiable and exempt transactions made under Section 90L of the FLA for more information.

  • Yes

    Go to question 8

  • 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 12

Question 7

Is the transaction between the individual parties of the marriage?

  • 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 13

  • 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 12

Question 8

Does the agreement clearly identify the property?

  • Yes

    Go to question 9

  • 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 12

Question 9

Have the parties to the agreement received independent legal advice?

  • Yes

    Go to question 10

  • 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 12

Question 10

Has a legal practitioner provided each of the parties with a statement of legal advice?

  • Yes

    Go to question 7

  • 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 17

Message 11

Instruments subject to escrow must be sent to our office to be assessed.

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 12

Based on the information you provided, this transaction cannot be self assessed. Forward the financial agreement and transaction to our office.

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 13

Based on the information you provided, this transaction is exempt under section 90L of the FLA. For audit purposes, you must keep:

  • the agreement or a certified copy of the agreement
  • a copy of the instrument (evidencing the transaction)
  • a separation declaration if not contained within the agreement
  • statement of legal advice.

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

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 14

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 entire property. 

For audit purposes, you must keep:

  • the agreement or a certified copy of the agreement
  • a copy of the instrument (evidencing the transaction)
  • a separation declaration if not contained within the agreement
  • evidence of value.

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

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 15

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 entire property. 

For audit purposes, you must keep:

  • a copy of the instrument (evidencing the transaction)
  • evidence of value.

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

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 16

If you can obtain a separation declaration, you may be able to assess these documents in house—once you have the declaration, complete this interactive form again and answer 'yes' to the question: Does the financial agreement contain a separation declaration?

If you can't obtain a separation declaration, this transaction will not satisfy the exemption requirements and must be self assessed for duty on the unencumbered value of the entire property.

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 17

If you can obtain a copy of the legal practitioner's statement, you may be able to assess these documents in house—once you have the statement, complete this interactive form again and answer 'yes' to the question: Has a legal practitioner provided each of the parties with a statement of legal advice?

If you can't obtain the statement, forward the financial agreement and transaction to our office for assessment.

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

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Last reviewed 16 March 2012