Queensland Law Society

OSRconnect changes 1 July

From 1 July 2017, additional information will be required when transferring real property in Queensland (either freehold or leasehold). This is a result of federal legislation requiring all states and territories to report certain identity and other information relating to property transfers. This information will help to establish a national register of foreign ownership of land titles.

The register will be administered by the Australian Taxation Office (ATO), but the Office of State Revenue (OSR) will collect the information for the ATO through the transfer duty assessing process. This information will be collected in two stages, with the first stage starting on 1 July 2017.

For each reportable real property transaction in Queensland that is assessed for transfer duty, the following additional information, if applicable, will be required:

Contact and identity details

Transaction details

 Vendor and purchaser contact name for non-individuals  Value of business goodwill
 Vendor and purchaser trust name  Value of intellectual property
 Vendor and purchaser ARBN  New building or housing indicator
 Vendor ACN or ABN  Residential off-the-plan indicator
 Vendor street address  
 Vendor phone number and email address  

The information collected will provide further clarity on foreign investment, and both the OSR and the ATO will use it to monitor compliance with state and federal tax laws. It will also ensure that taxpayers can be easily contacted should that become necessary.

Integrating this new information requirement into the OSR’s existing transfer duty assessment process will ensure there is little impact on the community. For most purchasers, their agent will collect the additional information and provide it electronically through OSRconnect when self-assessing the transaction.

The OSR is collaborating with industry partners on the second stage of information requirements, planned for 1 October 2017.

Find out more about the Commonwealth reporting requirements.