Stamp Duty Requirements            

Lodgement Times:

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From 1st July, 2003, a person who is, or may be liable to pay
duty on an instrument must lodge the instrument
(Contract of Sale) with the Office of State Revenue based
on the following requirements:

Standard General Contract:
When the Contract becomes unconditional within 1 (one) month from signing or is unconditional at the time of signing, the Contract of Sale must be lodged:
• Within two (2) months after the date on which all the parties have signed the document.
• Where the Contract becomes unconditional either 1 month after the date of
becoming unconditional or;

Contract to Purchase Land:
If for a new Title is to issue then no later than 12 months from the date of first signing or 1 month after the issue of the new Title whichever is the sooner.
The same rule for the Off the Plan Contract applies for on selling a vacant block where the title is unavailable.

Off The Plan Contract:
The Contract must be lodged within 2 months after the date of the Contract and the Office of State Revenue will grant up to 2 years for payment.

However,  the new changes which has come into effect from 1^st July 2008 there is a major change for Contracts that are entered to for "Off the Plan Purchases". This change is  when the original Purchaser re sales the property prior to settlement taking place.

As stated above, the original Purchaser is not expected to submit a transaction record for assessment within 2 months of the on-sale being executed, as per s.25(2) of the Duties Act, but is entitled to retain the up to 24 months payment period under the Stamp Act.

Only on-sales of this type of Contract will be bound by s.25(2) of the Duties Act in terms of submitting a record for assessment within 2 months of any on-sale agreement being established.

Payment Times:
As at 1st July, 2003 stamp duty is payable within one (1) month after the date of the assessment notice. In certain circumstances the Commissioner may approve an arrangement for extending the time to pay the stamp duty or allow the tax to be paid in specified instalments. Interest is payable under an instalment arrangement.

Application for Extension of Time To Pay Stamp Duty:
An Application form must be completed by the person who is liable for the payment of the stamp duty. Accompanying the application is a fact sheet which details under which circumstances the Commissioner may approve an extension of payment.

We must point out that in accordance with the Contract Of Sale, Stamp Duty must be paid a reasonable time prior to settlement.

Stamp Duty must be paid to allow settlement to take place, therefore the due date for payment will change depending on your settlement date.

Regardless of an extension being granted for the payment of duty, under no circumstances can Stamp Duty be paid after settlement has taken place.

This information has been extracted from the Department of Treasury and Finance website:
http://www.osr.wa.gov.au/