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These are general guidelines for variations of contract that can be assessed on EDR. It also sets out exceptions where they are not able to be processed on EDR and must be submitted to us.
Once an agreement is executed it becomes legally binding. If the parties to the agreement wish to change any of the terms and conditions they enter into a variation agreement. These agreements are often referred to as a deed of variation or deed of amendment.
Pursuant to section 18(1), Duties Act these variation agreements are liable to a fixed rate of duty of $50* and the initial contract must be assessed/reassessed in accordance with the variation.
Where a variation of contract has occurred, the following table is provided to assist practitioners with how to manage the transaction. It details which scenarios can be processed using Electronic Duties Returns (EDR) and which require lodgement with Revenue NSW for assessment via eDuties.
If...
And...
Then...
the dutiable amount is increasing
the contract has not been assessed
in EDR, assess the contract and transfer for the increased dutiable amount, and
assess the variation deed under document type ‘variation of contract’ for $100.00 fixed duty.
the dutiable amount is increasing
the contract has been assessed on the original contract price, and
re-assess the contract and transfer on the reduced dutiable amount, and
assess the variation deed under document type ‘variation of contract’ for $100.00 fixed duty.
the dutiable amount is reducing
the contract has been assessed on EDR on the original contract price, and
duty has been paid
in EDR, assess the variation deed under document type ‘variation of contract’ for $100.00 fixed duty.
settle on the reduced amount in the ELNO workspace
after settlement, lodge the contract and variation deed for re-assessment with Revenue NSW via eDuties under application type: Reassessment - alteration in purchase price - section 31.
You are required to submit documents listed in the evidentiary requirements to support the assessment of a variation agreement. All documentation must be obtained before an assessment can be made.
This must include all documents listed in the evidentiary requirements, copies of all stamped documents and copies of any Duties Notice of Assessments issued.
Electronic Records – for audit purposes, we will accept electronic records. The records must be easy to access and read.
Section 31 of the Duties Act: Effect of alteration in purchase price
Footnotes
*Duty of $100 will be charged on any variation agreement entered into on or after 1 February 2024 and the initial contract must be assessed/reassessed in accordance with the variation.