CIB 309: End of Financial Year Document Lodgement
18 June 2018
End of Financial year is traditionally a time of high lodgement activity. On Friday 29 June 2018, Landgate will support customers and industry with the following initiatives:
Settlement room availability - The settlement room inside our Perth Business Office will be available for customer use. We anticipate that this room will be in high demand on the day and we will continue to provide support and assistance.
Express queue - Three express terminals will be available for customers who have up to five documents to lodge. Customers using the express queues must pay via EFTPOS or cheque. Cash facilities will not be available at these counters.
Multiple documents - Landgate will set up additional workstations on the day for customers lodging more than five (5) documents.
Lodgement acceptability checklist - All documents presented for lodgement must be checked and pass against the lodgement acceptability checklist by a Landgate authorised officer. These resources will help customers with compliance and assist in reducing customer wait times:eConveyancing page.
Information Officer: To reduce customers waiting to see an Information Officer at the Perth office, Landgate have organised for an Information Officer to be located at SAI Global between:
11.00am – 1.00pm and 2.00pm – 3.30pm.
End of Financial Year business hours
Landgate lodgement hours remain strictly 8:30am to 4.30pm.
Documents will not be accepted for lodgement outside these hours.
It is the responsibility of the lodging party to ensure documents comply at lodgement and if they are subject to a non-compliance report, they must be made compliant prior to 4.30pm on 29 June 2018.
Delegate of Registrar of Titles
Source:CIB 309: End of Financial Year Document Lodgement
Regulated products and services
From 1 July 2018, Landgate’s regulated fees are due to increase approximately 1.5 per cent,
in line with the average forecast rate of the Consumer Price Index (CPI).
The proposed fees are available on our website. Please be aware these are subject to
approval from the Governor in Executive Council and publishing in the Government Gazette.
Deloitte Access Economics have delivered a paper on the “Impacts of e-Conveyancing on the conveyancing industry”. Current net benefit in WA is indicated as being in the negative, but future expectations for 2020-21, where usage increases to 100%, predicts a turnaround 400 times greater than the current benefit experienced by the industry.
The cost to practitioners of having to abandon an electronic workspace is also estimated at $69, however, it was estimated that a practitioner could benefit from time saving of 3.5 hours per transaction. In the absence of a comprehensive time and motion study with a significant and diverse sample set of the industry these figures are hard to justify.
How do we now ensure greater benefit so as to turn the current negative into a positive?
What strategies, improvements and initiatives need to be undertaken to make e-conveyancing a success in WA?
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:
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