What you need to know about the changes to EDR in April - triSearch

What you need to know about the changes to EDR in April

Updates to EDR coming in April. triConvey update V8.11 & V 8.12

Revenue NSW has announced a new EDR release on 15 April 2019. The release covers four main topics; The renaming of the ‘OSR Reference’; New EDR transaction types; Additional valuation types and Accommodating Electronic Lodgement Network Operators (ELNOs).

Duties Assessment Number (DAN) Effect EDR

The Duties Assessment Number (DAN), previously OSR Reference, is seen on the Notice of Assessment and is used to identity the Duties Assessment. It has been renamed to align with the branding of Revenue NSW from OSR on 31 July 2017, which is part of a new digital strategy from the public organisation. Whether you have a “DAN” or an “OSR Reference” on your Duties Notice of Assessment you can enter either number into EDR as there is no change to the number itself.

New EDR transaction types

Revenue NSW has introduced four new guidelines in EDR that relate to the Duties Act 1997.

  1. Superannuation trust: section (62)B:These are general guidelines for transactions involving a Declaration of Trust by Custodians pursuant to section 62B(new window) of the Duties Act. It also sets out exceptions where they are not able to be processed on EDR and must be submitted to Revenue NSW. Read more on Section 62B here.
  2. Trust deed: section 58(2): relating to the establishment of a trust relating to unidentified property and non-dutiable property. More on these guidelines here.
  3. Variation of a contract: section 18(1): These are general guidelines for variations of contract that can be assessed on EDR. It also sets out exceptions where they are not able to be processed on EDR and must be submitted to Revenue NSW. More on these variations here.
  4. Partition: section 30: These are general guidelines for partition transactions that can be assessed on EDR. It also sets out exceptions where they are not able to be processed on EDR and must be submitted to Revenue NSW. More on these guidelines here.
  5.  

Additional Valuation Types

There are additional valuation types available through EDR for use on a variety of documents. This provides a means to identify which type of valuation has been used as evidence:

  • Valuation from Valuer General
  • Valuation from Suitably Qualified Person
  • Agreement for Sale of Land – previous sale

For more information on the requirements for valuation evidence, see the Revenue rulings; Evidence of value requirements and guidelines (DUT 012 version 2) and Valuation of property – suitably qualified person (DUT 044).

Accommodating Electronic Lodgement Network Operators (ELNOs)

With the introduction of Sympli into the ELNO market, the functionality of EDR has been updated to ensure that any approved ELNO will be able to operate digitally in combination with EDR. This update is in support of the government’s policy of open competition.

Why are these changes important?

These changes are effective as of April 15. You may be using a Search provider that has not achieved full conformance for this eConveyancing Readiness release, meaning you don’t have access to a complete EDR solution.

The triSearch platform has been certified from Revenue NSW and all of the changes above are live on the platform. If you’re looking for a cheaper way to Search, get in touch today, or download our free information pack for more on triSearch.

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