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 agreement becomes unconditional within one (1) month after the day on which liability for transfer duty arises, it must be lodged with the Commissioner of State Revenue within two (2) months after the day on which that liability arose.
All other agreements must be lodged within two (2) months after the day on which the agreement becomes unconditional, or within 12 months after the day on which the liability for transfer duty arose, whichever is earlier. If finance is obtained and the agreement becomes unconditional then the agreement needs to be lodged two months from date of execution, as this agreement has become unconditional within one month of execution;
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.