By using RevNet, are we personally liable for the stamp duty?
Under the provisions of section 4 of the Stamp Duties Act 1923, the parties who executed the instrument are jointly and severally liable to pay the duty charged in respect of an instrument. While it is true that RevenueSA will, in all probability, pursue details of the relevant events concerning the transaction and the instrument with the RevNet participant, the ultimate liability for duty will rest with the parties. Where the RevNet participant has acted in a bona-fide fashion in its dealings with the matter it has no reason for concern. This stance is consistent with that of RevenueSA in the former non-RevNet environment.
Related Questions
- In the Stamp Duty component, is it possible to pay LTO fees via RevNet for documents that are not liable for stamp duty (and do not need to be stamped) eg. Transmission Application?
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- By using RevNet, are we personally liable for the stamp duty?
