Do you need help getting your trust deed stamped in NSW? Often, online trust deed services don’t provide NSW trust deed stamping. So what other options are available?
You could hire an agent, but this might mean extra service charges. An alternative is to use our guide to get it done for only the government fee of $500. Yes, it’s not totally free, but it can save you a good deal of money.
Bear in mind, hiring a solicitor to do this can hit your pocket hard – up to $300, plus the stamp duty on top! Why pay more for a task you can easily manage yourself?
What’s Covered:
What is Stamp Duty?
Stamp duty, known as transfer duty in New South Wales (NSW), is a tax applied to specific transactions. These can include transactions like transferring property ownership, securing certain kinds of insurance, or setting up a trust for the first time.
Remember, every Australian state and territory has unique rules, stamping methods, and duty amounts that must be paid.
In NSW, getting your trust deed stamped within a three-month window is crucial, and the cost for this comes to $500. Want more than one copy? That’ll be an extra $10 for each.
How do I get a trust deed stamped?
Looking to get your trust deed stamped but not in a rush? The most cost-effective method, without additional service charges, is to mail it directly to the Revenue Office. Please note they don’t accept walk-ins.
Here’s what you need to do. Start by crafting a cover letter that details the trust deed’s name and mentions your request for an assessment of duties notice.
Remember to provide an email address, return address, and contact number. Also, let them know how many stamped copies you need. It’s wise to pay the extra $10 for a spare copy.
Next, prepare your deed for posting. Your trust deed is precious cargo, so it’s best to use a large envelope and protect it with thin pieces of cardboard. Nothing more devastating than seeing your hard work and effort come back in a crumpled pile. Don’t leave it vulnerable in the hands of the unpredictable postal system!
It’s a good idea to pay for package tracking. From personal experience, their response can take some time, and for your own reassurance you want to verify it was actually received.
Finally, send your package to this address, also listed on the NSW Revenue page for lodging applications:
Revenue NSW
PO Box 666
Wollongong NSW 2520
How long does it take?
In my experience, it can take at least a month. I had to follow up a few times to confirm it was actually received and when I could expect the assessment letter. It involved several calls to progress things.
I’d suggest you call a few days after it has been delivered to confirm it has been received and when it might be assessed. I don’t recommend emailing, as a response takes a few weeks. You can find their contact information on their contact page.
- Call: 1300 139 814 or +61 2 7808 6916
Wrapping Up
And there you have it! The cost-effective way to get your trust deed stamped, saving you from extra service charges. Yes, it may take a month of patience, but it’s simple, and you’re not paying out for such a straightforward task.
Remember, stamp duty is pivotal in setting up a trust in NSW. It’s essential to have your trust deed correctly stamped within a three-month window. Without it, your trust isn’t valid.
So, don’t wait! Start crafting that cover letter, prepare your envelope, and send your trust deed to Revenue NSW. And a friendly reminder – remember to follow up!
Ready to learn more?
Check out our guides, for more information on Family Trusts:
- How Much Does it Cost to Set Up a Trust
- Setting Up a Family Trust in Australia
- What Is the Settlor of a Trust
