The Queensland Revenue Office (QRO) is taking steps to further protect the integrity of the transfer duty self assessor system with the introduction of the Transfer Duty Self Assessor Framework.
The framework’s document suite details the requirements to become and remain registered as a transfer duty self assessor in Queensland.
The framework helps make compliance easier for self assessors by providing access to information to help them understand and meet their obligations. The documents detail what QRO will consider when deciding applications for registration, applying penalty amounts and suspending or cancelling a self assessor’s registration.
The framework is a formal suite of documents approved by the Commissioner of State Revenue and is available on QRO’s website. The suite contains both existing and new documents. Registered self assessors (and those considering applying to become a self assessor) are encouraged to familiarise themselves with the framework and their obligations.
- SA1—Instructions for self assessors – existing document which currently forms part of the notice of registration for registered self assessors.
- SA2—Guidelines for registering self assessors – information to assist applicants to understand what is required to be approved as a registered self assessor.
- SA3—Guidelines on statutory rights and obligations of registered self assessors – assists self assessors to comply with their obligations.
- SA4—Guidelines for imposing penalties on self assessors – information to help self assessors understand what will be considered and how penalties may be applied in relation to a breach of obligations.
- SA5—Guidelines for suspending and cancelling registration of self assessors – outlines the approach and considerations taken when QRO considers suspending or cancelling a self assessor’s registration.
QRO says it acknowledges most self assessors do the right thing and appreciates the release of penalty guidelines may be of particular interest.
QRO has always had the ability to impose penalties when self assessors breach their obligations, however in practice they were rarely and inconsistently applied. The framework now provides greater clarity as to when a penalty may apply and the amount that may be imposed.
The use of penalties, rather than suspending or cancelling registration, allows QRO to intervene early while allowing self assessors to continue doing business. In cases of continued or deliberate non-compliance, it may be necessary for QRO to suspend or cancel a registration, in addition to, or instead of, applying penalties.
Self assessors are encouraged to review the framework to ensure they understand their obligations. It has been designed to provide greater clarity and transparency for self assessors and to protect the integrity of the self assessment process and the reputation of the industry.