Recently, Revenue NSW announced an update that commencing May 4, 2020, “all complex assessing and refund applications must be lodged digitally through our eDuties service.” This is a result of the unprecedented COVID-19 environment and the challenges lawyers, conveyancers and the financial industry now face since in person meetings have been put on hold and social distancing has come into play.
Solicitors and conveyancers can self-assess transfer duty online and integrate with an Electronic Lodgement Network Operator (ELNO) for electronic settlements. Accountants and financial advisors can self-assess discretionary trust deeds, family trust deeds, unit trust deeds and security trusts. A list of transactions that must be processed on EDR can be found in the Duties document matrix.
eDuties, on the other hand, is a portal that enables solicitors, conveyancers, accountants and financial advisors to lodge online, complex duties assessments or refunds that must be processed by Revenue NSW. Please note that eDuties does not replace self-assessment of EDR transactions.
Since COVID-19, the legal profession has been under pressure to complete various elements of their matters electronically and ERD is another step in that shift towards digital for the industry.
Many practitioners will have questions around the shift to electronic stamping and it is important to know where you can turn to for help. InfoTrack offers leading legal Solutions to help you. Here are three ways you can efficiently facilitate the payment of your clients Transfer duty or assessment with the support of InfoTrack.
If you have been set up as an EDR client, simply enter your EDR client ID in the client settings portal on the InfoTrack website to get started. With seamless integration, all relevant fields will be populated into your stamping screens, saving time having to re-key information. InfoTrack integrates with over 30 Practice Management Systems meaning that not only do you save time not having to re-key data, but it also reduces the chances of human error as data does not have to be repeatedly entered.
At InfoTrack, we understand the shift to digital can be complex and different to how you have done things in the past. InfoTrack’s purpose-built electronic settlement service, SettleIT, allows you to outsource any upcoming property settlement, sharing the load on the administrative aspects of conveyancing, post unconditional contract exchange. With one click, you can book an Australian-based, SettleIT agent who will act under your instructions and provide a personalised fixed-price service. SettleIT now includes complimentary EDR stamping with any Settlement booked. Simply send your SettleIT packet through to our expert team and let us take care of the rest.
If you don’t want to and/or don’t have the resources to settle electronically, using SettleIT means you don’t need to learn the e-settlement and stamping process. Our local team can do it for you, while you maintain full control. Furthermore, to ensure social distancing guidelines are adhered to, electronic settlements can be instigated from your home office, today.
Whether it’s your typical Contract for sale of land or a complex transfer, you can send your documentation and queries through to edrstamping@infotrack.com.au and we can take care of your EDR or eDuties online for you.
With the increasing transition to electronic transactions, protecting your customer data is more critical than ever. InfoTrack is committed to ensuring that our platform and cyber security measures remain in place at the highest level to ensure you receive secure, ongoing access to all products and services, and data is stored and managed in accordance with current ISO 27001 standards.
InfoTrack’s suite of cloud-based products have been built for lawyers and conveyancers to use anywhere, anytime. In the current climate, where we need to maintain business as usual in a time where things certainly are not usual, it is important to remember that business doesn’t have to stop simply because face to face meetings stop. Revenue NSW has recognised that now is the time to shift to digital to help firms keep matters moving forward. As many of us now work remotely, this is the perfect opportunity to embrace technology, not only because of mandated change, but because in the long run it can help your firm stay ahead of competitors.
If you have any further questions, get in touch with InfoTrack today and start your journey as client.
