FAQs: Stamping of Trust Deeds

This article answers the most frequently asked questions on NowInfinity's Trust deed stamping service.

 

Question Answer
What trust deeds are available for stamping by NowInfinity?
  • Discretionary Trust
  • Discretionary Trusts (Capital Reserved Lineal Descendant)
  • Discretionary Trusts (Fully Reserved Lineal Descendants)
  • Fixed Unit Trust
  • NSW Land tax Unit Trust
For what jurisdictions does NowInfinity offer stamping?

On our platform, stamping is only available for NSW and VIC.

Note: If the state is not VIC or NSW, the stamping tab will appear but there will be a note to say stamping is not available for these states. That is not to say that the other states do not require stamping - for clarification on whether stamping is applicable to your trust you will need to contact the relevant state duties/revenue office.

What is the cost of Stamping?

The total cost of stamping will include the relevant stamp duty payable for that state plus our stamping service fee:

  • The stamping service fee from NowInfinity is $66, inclusive of GST.

FOR NSW:

  • The stamp duty payable to Revenue NSW is $500 plus $10 for each additional duplicate deed stamped.

FOR VIC:

  • The stamp duty payable to VIC SRO (State Revenue Office) is $200 with no additional charge for duplicate deeds stamped.
Does NowInfinity stamp deeds that are not ordered through the NowInfinity platform? No.
What is the default address for delivery of stamped deeds? If you have posted us the deeds to stamp, the stamped deeds will be sent to the primary address on your account. This is the same address used when you order hard copies of documents.
Can I change the delivery address for the stamped deeds? You can change the address by overwriting the information and using the Find Address functionality.
Do deeds need to be wet signed originals for stamping?

FOR NSW:

Revenue NSW accepts "wet signed" deeds and recently advised deeds can also be "electronically signed".  As confirmation of signing, the audit log provided by your E Signing provider should also be sent to us with the signed deed. 

FOR VIC:

VIC State Revenue Office (VIC SRO) accepts either the original "wet signed" and dated deed(s) or the "electronically signed" and dated deed(s).

Does a particular colour pen need to be used for wet signing? Black or Blue pen should be used for wet signing.
Do the deeds need to be dated?

Yes.

What supporting documents do I need to provide NowInfinity to proceed with stamping?

FOR NSW:

  • If an individual trustee, Certified ID is required. The certification must state, ā€œI certify that I have sighted the original document and this is a true copy of it.ā€
  • There is no need to send a certified ID for a corporate trustee.

FOR VIC:

  • A Stamp Duty Declaration must be signed and dated by the Trustee. You would have received this via email when you placed your order with NowInfinity.
Can I track the progress of my stamping order?

There is a tracking number field, similar to the one for hard copy orders of documents.

Our team will also update you with communications as they:

How long does the stamping process take?

FOR NSW:

  • Deeds will be stamped and returned via overnight courier within 1-2 business days of receiving the signed deed. Unless the signed deed was emailed to us, and in this case, you will receive an electronic copy back of the stamped deed.
  • NSW OSR (Office of State Revenue) provide a Duties Statement as soon as the deed is stamped, thus this process is expedited.
  • There is no longer a requirement to endorse instruments using a duty stamp. An issued Duties Statement will display a Duties Assessment Number (DAN). The DAN will be typed or written on the first operative page of the deed(s).

FOR VIC:

  • Deeds will be stamped within 1-2 business days of receiving the signed deed. However, it can take up to a further 3-4 days until the VIC SRO provides the Certificate of Duty. Once this is received the deed is returned via overnight courier with the Certificate of Duty, unless the signed deed was emailed to us, and in this case, you will receive an electronic copy of the Certificate of Duty only.
  • VIC SRO wait for the funds to clear before providing the Certificate of Duty as proof the stamp duty has been paid. This can take up to 5 business days to be released. 

 

Is there a time frame for having deeds stamped?

Under the legislation, stamp duty is required to be paid on trust deeds established in the following jurisdictions:

FOR NSW:

  • within 3 months of execution / signing the deed
FOR VIC:
  • within 30 days of execution / signing the deed
If the deeds are not stamped within the above time-frames, interest or penalties will be imposed by the relevant state revenue offices.
  • We will be advised if a penalty amount applies when we commence stamping of the deed.
  • If a penalty applies we will raise an invoice for the amount  payable and email to you.
  • You must pay any penalty invoices immediately, as the penalty can increase whilst waiting for payment.
  • Once payment is received we will pay the penalty and continue with stamping the deed.
How do I know my deed is stamped?
FOR VIC:
  • An official VIC SRO Certificate of Duty will confirm that the trust deed has been stamped.
I have received a stamped Unit Trust deed back, and on NSW Government Duties Statement, it says "Discretionary Trust"

 

For further information, you can refer to What to do if NowInfinity is Stamping your Deed

 

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