When you purchase a property, your contract will need to be assessed for Duty to be paid. This is classed by the Office of State Revenue as a Dutiable Transaction.

If the Contract is conditional, then duty will generally be paid one month after the contract becomes unconditional.

However, if there are no conditions on the contract then duty must be paid one month after the date that all parties have signed and accepted the contract.

Riverside settlements is registered for Revenue Online (ROL). This means that when you purchase your property and you nominate Riverside Settlements to act on your behalf in the settlement, you do not need to pay duty on the contract until settlement day.

This is especially helpful if you are borrowing the duty as part of your mortgage or loan. It means that you don’t have to find the extra funds for duty before the day of settlement and the new mortgage funds are released.