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Goods Statement For Residential Land - Duties Form-1

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Description

Origin of this document

This document was created by the State Revenue Office of Victoria (SRO).  It can also be accessed through the SRO website (see under "Links" below).

Purpose of this document

Stamp duty is payable  on the Transfer of Land when real estate passes from one party to another.  While it is the purchaser or transferee of the property who must pay the stamp duty, the State Revenue Office requires the vendor of the property to confirm the details of the transaction by way of this document.  In this way the vendor assumes some responsibility for ensuring that the correct amount of stamp duty is levied.

The Goods Statement For Residential Land can be used for sales of residential land or land use entitlements, between unrelated parties for at least the unencumbered market value.  In all other cases the Goods Statutory Declaration - Duties Form 2 must be used.

Completing this document

This document should be completed in accordance with the "Checklist of Documentary Evidence" and the "Explanatory Notes" attached to it.

Submitting this document

In most cases this document is prepared by the vendor's legal representative and delivered to the purchaser's legal representative at settlement.  It is then presented at the State Revenue Office with the Transfer of Land when stamp duty is paid.

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