Obligations for transfer duty self assessors

Record keeping requirements

You must keep all information used in assessing a person’s transfer duty liability for a minimum of 5 years following the transaction.

We accept electronic records for audit purposes provided they can be readily produced if requested.

If you hold original documents, be mindful that it is an offence to destroy a record that is required to be kept.

Find out more about record keeping for tax purposes.

Cancellation of registration

Complete a notice for cancellation of self assessor registration (Form D12.4) to notify us within 14 days of ceasing to carry on a business.

In most cases, changes in ownership to your business will require your registration to be cancelled. If so, you will need to lodge a new application for registration.

Offences and penalties

We may take legal action, impose a penalty amount, or suspend or cancel your registration if you:

• fail to comply with your lodgement, payment, endorsement or record keeping obligations
• give the Commissioner of State Revenue a transaction statement containing false or misleading information.

For more information and details about contraventions, see the guidelines for imposing penalty amounts (SA4).

Penalty amounts imposed are the greater of:

• no more than 75% of the amount of duty payable for the transaction

or

• $100.

You can apply for a review of a decision to impose a penalty amount. For more information:

• read the statutory rights and obligations of self assessors (SA3)
• see how to seek a review.

Also consider…

• Read the public ruling on self assessor rights and obligations (DA000.2).
• Find out how we conduct compliance activities.
• Read the transfer duty self assessors guide (SA1).
• See other self assessor guidelines.
• Send an email query to selfassessment@treasury.qld.gov.au.