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

Toolkit

Part VIIIAB of the Family Law Act 1975 (Cwlth) (FLA), provides for certain instruments to be exempt from duty in certain circumstances. Section 90WA of the FLA exempts financial agreements, termination agreements and transactions that are executed in accordance with a court order or financial agreement under Part VIIIAB of the FLA.

To determine if a transaction made in accordance with a financial agreement is exempt under s.90WA of the FLA, please use the interactive form below.

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 2

Question 1

Is the transaction between the individual parties of the de facto relationship?

  • Yes

    The agreement is exempt under s.90WA of the FLA. You may endorse the agreement accordingly.

    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 13

Question 2

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

  • Yes

    Go to question 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 13

Question 3

Is the transaction dated after the financial agreement?

Question 4

Has the transaction been held in escrow?

  • 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 14

  • 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 13

Question 5

Have the parties separated?

  • 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 15

Question 6

Does the financial agreement contain a separation declaration?

  • 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 16

Question 7

Is the transaction clearly specified under the financial agreement?

See examples of dutiable and exempt transactions made under Section 90WA 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 15

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 15

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 15

Question 10

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

  • Yes

    Go to question 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 17

Question 11

Is the transaction between the individual parties of the de facto relationship?

  • 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 12

  • 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

Message 12

Based on the information you provided, this transaction is exempt under section 90WA 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.

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 13

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.

Your file reference: ____________________

Client name: __________________________

Transaction number:  ___________________

Name: _______________________________

Date (dd/mm/yyyy): ____________________

 

Message 14

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 15

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 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