How will you manage change in 2018?
Are you ready for:
What will the rest of 2018 serve up to conveyancers?
Don’t get left behind!
AICWA is proud to have partnered with sponsors and key industry stakeholders to deliver a broad calendar of training events. We are committed to assisting you by delivering quality training outcomes as well as providing regular updates. As the peak industry body representing conveyancers locally and nationally, our access to key industry stakeholders means we are best positioned to deliver the knowledge you need.
Source: 9th February AICWA Education e-Newsletter
REIWA are updating their 2011 Standard General Conditions that accompany their Offer and Acceptance Contracts. As of 13/2/18 we are advised the New 2018 Joint Form of General Conditions will be made available from their REIWA office or by license from PrintForce.
REIWA are offering courses for the Real Estate industry to update themselves on the changes; Understand how the changes to JFGC will impact the following:
AICWA are offering an update to industry here;
JFGC’s Info Session
An Evening With Matthew Ellis
With the anticipated amendments to the Joint Form of General Conditions, AICWA have teamed with our very special sponsor and respected lawyer Mr Matthew Ellis – Director MGB Legal.
Matthew will discuss the relevant changes and how they apply to your clients and to you.
Date: 20th February, arrive 6pm, start 6:30 finish 8:30pm (included is a 30min Q&A)
Where: Technology Park - 2 Brodie-Hall Dr, Bentley
Cost: FREE for AICWA members and staff. Please register: HERE or email us at firstname.lastname@example.org
Non-member cost $50 per person. Registration via the AICWA website HERE
Light refreshments available on arrival.
The GST on property transactions measure has been introduced, as schedule 5 to the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018.
The Government will strengthen compliance with the Goods & Service Tax (GST) law by requiring purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The measure will require the purchaser of newly constructed residential properties of new subdivisions to remit the GST on the purchase price directly to the ATO as part of Settlement for contracts on or after July 1, 2018.
You can access the legislation as introduced along with the explanatory materials by following this link HERE.
SPEED up your banking and transfer money using an email, phone number or ABN. Here’s how to get started.
BANK customers will need to set up a PayID as a matter of urgency, to stay up to date with new technology set to arrive in Australia.
In the coming weeks financial institutions around the country will start pushing out the highly-anticipated New Payments Platform (NPP), which will deliver 24-hour, seven-day-a-week, instant transfers.
It means consumers will no longer need to share their personal banking information such as BSB and account numbers and will therefore find it much easier to move cash.
The New Payments Platform will mean instant payments for banking customers.Source:Supplied
Money will now be shifted in a matter of seconds using a PayID that links to a customer’s email address, phone number or ABN for small businesses.
The NPP’s chief executive officer Adrian Lovney said users of a PayID should be reassured that once it’s set up people can only place money into your account and not take it out.
“The only way another person can use your PayID is to put money into your account,’’ he said.
NPP’s chief executive officer Adrian Lovney said PayIDs will be a secure way to move money. Source:Supplied
“PayIDs can only be created or paid to within your financial institution’s internet or mobile banking.
“This means your PayID will be protected by the same security that applies to your internet or mobile banking.”
FAST TRANSFERS: Moving money in an instant will soon be reality
To create a Pay ID with your bank — if it is set to join the NPP, which at this stage includes the nation’s big four banks and many others — you will need to firstly do this:
— Choose what type of PayID you would like to use (most will offer phone numbers, email address or ABNs) and which account you want to link it to.
— You can have multiple PayIDs but only one PayID can be linked to one account at a time.
— You must verify with your bank that you are the owner of the information and the account with is connected.
— Your PayID will now act as a BSB and account number.
GIFT CARDS: The biggest fees shoppers will get slugged with for using a gift card
CUA’s chief executive officer Rob Goudswaard said they will start notifying their members this week of the upcoming changes to help them make a simple transition to faster payments.
CUA chief executive Rob Goudswaard said a PayID will make it easier for customers to move their own money.Source:News Corp Australia
“Set it up and be clear as what you want as your PayID and to have one it means other early adopters of NPP will able to use it to transfer money,’’ he said.
“Your need for direct debits will become a thing of the past because you can make cash transfers quickly.”
Originally published as What you need to do when instant banking arrives
Change to Western Australian Registrar and Commissioner of Titles’ Joint Practice: Verification of Identity and Authority – fraud mitigation
31 January 2018
As foreshadowed and as part of their fraud mitigation strategy, the Western Australian Commissioner of Titles and the Registrar of Titles have updated their Joint Practice for Verification of Identity and Authority (VOI Practice) for paper-based transactions. The updated VOI Practice more closely aligns to the requirements for national electronic transactions. The changes seek to improve the integrity of information in the Western Australian Land Titles Register, reduce the risk of fraud and improper dealings, and remove confusion for customers and agents operating in both electronic and paper environments.
The key changes to the VOI Practice will:
• extend the requirement for verification of identity to property buyers and caveators lodging and withdrawing caveats;
• update the categories of documents needed to support verification of identity;
• update the procedures for conducting verification of identity in a foreign country; and
• improve the procedures for self-represented parties.
Makes me laugh that "the Federal Government will strengthen compliance" BY MAKING OTHER PEOPLE DO THEIR JOB!!!! Yet another coming tax trap for buyers of new properties. GST Withholding.
From 1 July 2018, the Federal Government will strengthen compliance with the Goods & Service Tax (GST) law by requiring purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. Under the current law (where the GST is included in the purchase price and the developer remits the GST to the ATO), some developers are failing to remit the GST to the ATO despite having claimed GST credits on their construction costs.
The measure will require the purchaser of newly constructed residential properties of new subdivisions to remit the GST on the purchase price directly to the ATO as part of Settlement for contracts on or after July 1, 2018.
You might be exempt from the electrical and smoke alarm safety requirements...
DMIRS Bulletin #78
Smoke alarms in dwellings proposed for demolition
Western Australia’s Building Regulations 2012 require owners of residential dwellings to have compliant smoke alarms installed prior to the sale, transfer of ownership, rent or hire of the dwelling.
Changes to the Regulations that come into effect on 22 January 2018 provide an exemption for owners who are transferring ownership to a person intending to demolish the dwelling.
This means the current owner of a dwelling that is subject to transfer of ownership may choose not to install smoke alarms if the new owner has provided a declaration of intended demolition to the current owner before the transfer of ownership.
Bulletin can be view HERE
What you need to know:
Changing the business mindset from Boomer property consumer to Millennial property consumer, is here, Don't lose sleep, this article might be of assistance.
Conveyancers - are you meeting the needs of your Millennial clients? By Bek Hayes, CEO AICSA
One of the largest generations in history is about to move into its prime spending years. Millennials are poised to reshape the economy; their unique experiences will change the way we buy and sell, forcing companies to examine how they do business for decades to come.
What keeps you up at night? For me, one of my biggest concerns is the impact of the Millennial generation on the Baby Boomer formed Association. Running an Association, meeting Member expectations, keeping it relevant, alive, innovative is no easy task – although I love a good challenge and I definitely have one!
The ‘modern’ Association was set up by Boomers for Boomers – and they are a world away from the digital native Millennials. Taking the Association into the future means significant change and change away from the post-WW2 model we are so familiar and comfortable with. Technology has driven change; the millennial generation is the first to have grown up in an always on fully digital world. Their passion for technology shapes the way they live and shop. They live and work by their smart device – the world has shrunk as social media platforms have expanded.
Like a scene from a piece of famous literature, Landgate will be scoped, to see what the current government can scrape together to prop up their budget.
Media statement here.
Other States media articles include;
Australia & State wide Top PEXA Community Contributor for 2017.
Our licensee Damien (DMc) Took out the Top Contributor Badge for 2017, as an avid community helper he earned the below PEXA Community badges as well...
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