In a bid to digitise their property revenue services, Revenue NSW is now allowing their Electronic Duties Returns (EDR) agents to accept digitally signed trust deeds as an original executed document.
In light of amendments made to the Duties Act 1997, the application of the Act that applies to written instruments now also apply to instruments that are in digital form. This means clients may now use digital signatures to execute their trust deeds and lodge their deeds for stamping with Patricia Holdings completely online.
There are a couple of rules to be advised of when choosing this option:
- All participants must agree to this form of signing.
- All participants must use digital signatures- electronic signatures via certified platforms - such methods as Docu-sign or Adobe Sign.
- Once printed, the deed is not considered digitally signed and will be treated as copies of the deed and cannot be used for stamp duty purposes.
- A copy of the duties statement (to be provided by Patricia Holdings once stamp duty has been processed) should be kept with the digitally signed trust deed throughout the life of the trust.
Please note: Some financial institutions in NSW do not accept digital signed deed documents. Please consult and confirm with your financial institutions first before determining the method of signing.
We are here to assist with any enquiries you may have about these changes or general questions regarding stamping your trust deed. Click here to contact our Business Support Team to learn more.