Thanks to the prevalence of paper-based land transfer duty forms, it is not rare to have an unpleasant experience in duties transaction for land transfers. Stemming from various reasons, including double handling, data inconsistencies, to name but a few, duties transactions are frequently delayed. This undoubtedly annoys both buyers and sellers, conveyancer, real estate agents and mortgage brokers.
State Revenue Office
In order to curb this issue, the Victoria State Revenue Office (SRO) decided to go digital. The SRO is transitioning fillable and non-fillable Adobe PDF forms to digital platforms. Starting from 1st July 2017, all major paper-based forms will be decommissioned, while all relevant procedures will be conducted online.
Under this policy, the existing 16 paper-based land transfer duties forms will be replaced with a single, streamlined online application. For Duties Online (DOL) users, several changes in relation to the pre-population of duties transaction information, ability to create an online form within the system, status tracking system and storage of forms will be streamlined to fit in this new policy.
One evident and significant benefit of such digitisation is the increase of efficiency of settlement. As mentioned, duplication and data inconsistencies have been great hindrances to an efficient settlement. By digitising all relevant procedures, the taxpayer information will be linked and pre-populated into a Duties Online transaction, which exponentially reduces the possibility of administrative failures. Thus, not only could you expect a lower administrative cost, you could also anticipate a more efficacious and efficient duties transaction for land transfers.
So, what is the implication of such advance in digitisation?
Duties transaction and assessment have always been a crucial and essential stage in land transfer. When the SRO is taking the lead to digitise the duties transactions, a foreseeable and prevailing trend of digitisation in title transfer is certainly beyond doubt. A new era in settlement is approaching.
The team here at Titlexchange are big supporters of businesses that are embracing technology in order to improve processes and reduce costs. Because at the end of the day, it not only improves the customers experience, but also puts more money back in their pocket. That’s why we built our conveyancing platform on digital technology that allows customers and partners to track the progress of their job from day one all the way up to settlement. If you would like to know more about Titlexchange’s transparent and competitively proved conveyancing services, then schedule a call today.