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Debt factoring agreements exemption (s. 149) procedure

Follow this procedure to lodge a section 149 exemption claim using OSRconnect.

Use our debt factoring agreements exemption toolkit for more information.

Note: Fields marked with a red asterisk (*) are mandatory.

On the Lodgement Obligations tab:

  1. Select Transfer Duty from the Create return/transaction drop‐down list.
  2. Select Create to start the transaction.
  1. You can enter your own reference (optional).
  2. Complete the Transaction with the details of the debt factoring transaction.
  3. Click Next.
  1. Complete the property, transferor and transferee details. Make sure to follow our data entry standards.
  2. Click Next.
  1. Answer the question: Is the consideration less than the unencumbered value of the property included in this transaction?
  2. Enter the Consideration / Unencumbered value of ENTIRE property as nil ($0.00) for an exemption claim.

Evidence of value is generally not required for an exemption.

  1. Select Yes to the question: Is an exemption being claimed?
  2. Select s.149 Exemption debt factoring agreements from the Exemption type drop-down list.
  3. Answer No to the question: Does this transaction form part of an arrangement that includes other dutiable transactions (Section 30)?
  4. Click Next.

The duty is calculated as $0.00 for an exemption claim.

  1. Click Save to validate your data. The status message advises of any errors in the form.

A transaction number is created, and the transaction is saved in draft. (The transaction number will be displayed in a pop-up box that you can then close by clicking the X button.)

  1. Click Summary to review your data.
  2. Click Print for a hard copy.
  3. Click the X to close the summary.
  4. Click Next.
  1. Enter your full Name and contact details.
  2. Click the box to complete your acknowledgement.
  3. Click either:
  • Submit to lodge this transaction - you can then view this by using the Filter & Search function in the Lodgement Obligations tab.
  • Save to save this transaction as a draft (click the X to close) - you can then view this in Lodgement Obligations.

You must lodge (submit) the transaction within 30 days of the liability date.