Sympli - New e-Settlement Platform on the horizon
InfoTrack and the ASX Limited have announced the establishment of Sympli, an alternative electronic settlement platform.
The new platform is expected to roll out later this year once it has received regulatory approval.
For further information see:
Today's press release
AICWA has received an urgent request from our colleagues at SAIG Perth.
If you have a settlement tomorrow please arrange to bring a VOI Statement for the Transferee/s.
SAIG will take every step to ensure that documents from tomorrow’s settlements are lodged tomorrow. However there may be some situations where this is not possible. Unfortunately Landgate advised that Transfers dated prior to 5th June but lodged after 1st June WILL NOT be accepted without a VOI Statement for transferee/purchaser.
Source:31st May 2018 AICWA e-Newsletter
Furthermore a representative from Landgate has advised
Cyber thieves are clever. They target lawyers because we direct transfers of money and they want to steal it.
DON’T FALL FOR IT!
Be suspicious of email instructions.
Cyber fraudsters will get in any way they can. Make sure it’s not through you.
Five steps to protect yourself.
The ATO have requested we not film our session today, however, they have confirmed that their scheduled webinar, filmed elsewhere, will still occur and will be made available for viewing in the coming days along with a podcast and literature on the new measure/remittance.
AICWA members who attended yesterday’s sessions will be acutely aware that the ATO are placing considerable responsibility on the purchaser’s conveyancer to ensure the supplier (developer’s) statement is correct. The responsibility is noted under draft Rule 58 of “The Purchaser’s obligation to pay an amount for GST on taxable supplies of certain real property” states:
58. It would be unreasonable for a purchaser to believe the correctness of a notice indicating they do not have to make a payment under section 14-250 if it is clear that the vendor is making a taxable supply of new residential premises. For example, if a purchaser enters into an ‘off-the-plan’ contract for newly constructed premises from a developer who is registered for GST, and there is a statement in the contract that the purchaser does not have to make a payment under section 14-250 because the premises are not new residential premises.
How does this affect me?
Thanks to the R.E.I.W.A. in depth analysis...
‘Business as usual’ budget fails to reinvigorate property market.
REIWA welcomes the WA Government’s decision not to increase property taxes, but is disappointed in the distinct lack of leadership on display in the 2018-19 State Budget, with no new initiatives included to address housing affordability or reinvigorate the property sector.
REIWA President Hayden Groves said while it was pleasing there were no increases to property taxes, this year’s budget was a mundane budget for the property market.
Changes to VOI
As reported in Landgate CIB 305, 31 January HERE
“Change to Registrar and Commissioner of Titles’ Joint Practice: Verification of Identity and Authority – fraud mitigation” will see ensure the “updated VOI Practice more closely aligns to the requirements for national electronic transactions.”
For the most part there are very few changes in the 2018 Federal Budget targeting the property industry. Some interesting points of note include:
Since Boundary changes are possibly even more real near the coast.
There may be some bargains to be had.
Inform and educate yourself on the risks and weigh up your options.
Have a plan and engage a property professional within time.
AICWA has made its submission to ARNECC in response to Draft Version 5 of the Model Operating Requirements and Model Participation Rules. AICWA’s submission can be viewed in its entirety HERE
AICWA is pleased to note that its long held position relating to a lack of consumer pricing protection, as well as support for competition through interoperability have been addressed in the draft version 5 of the MOR, however, we wish to highlight to members our concerns regarding proposed rule “5.6 Separation”.
The Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 was passed on 29 March. Under Schedule 5 of the Bill, purchasers of real estate may be required to withhold GST on the purchase price of new residential premises and new residential subdivisions and remit the GST directly to the ATO on settlement.
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