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.
Keep me updated, join us here...