Review of the GST at settlement measure
Now that the GST measure has been operating for 6 weeks the ATO have put together a Process Review Document HERE
ATO invite interested parties to be part of a Webinar: GST at settlement – Process guidance and common questions - Thursday 6 September 2-3pm
This webinar will focus on the GST at settlement process for purchasers and suppliers. We will also cover some of the issues we have identified with forms received so far and the queries received from industry since the measure has come into effect. Register HERE.
ATO have experienced some issues with despatching the three automated emails for the GST measure. This has resulted in some delays in these emails being issued. If you have any queries relating to your transaction please contact us on 13 28 66 (fast code 3, 4)
"Buyers can generally move into the property once settlement has taken place, unless the O̶ ̶&̶ ̶A̶ ̶o̶t̶h̶e̶r̶w̶i̶s̶e̶ ̶s̶p̶e̶c̶i̶f̶i̶e̶s̶ ̶o̶r̶ ̶t̶h̶e̶ ̶h̶o̶m̶e̶ ̶i̶s̶ ̶t̶h̶e̶ ̶s̶e̶l̶l̶e̶r̶’̶s̶ ̶r̶e̶s̶i̶d̶e̶n̶c̶e̶ Seller occupied as their 'principal place of residence' immediately prior to Settlement. If this is the case the seller may remain until noon on the day after settlement.
However, buyers sometimes reach agreement with the seller to move into the property earlier than the settlement date. Buyers who are considering taking possession of a property prior to settlement may be asked to sign a form which states that the buyer agrees to take the property ‘as is’, and a statement that the buyer makes their offer unconditional.
Consequently, the seller may not be required to fulfil any special conditions which have been inserted into the O & A.
Both the seller and the buyer should seek legal advice about the potential problems that could arise from prior possession and consider the risks carefully."
Duties document lodgment and assessment form
As part of the Office of State Revenue’s strategy to increase our digital services a new duties document lodgment and assessment form will be available on our website from Monday 20 August 2018.
The new form will replace the carbon copy form previously used to lodge documents with the Commissioner for a duty assessment.
The new form must be completed by all lodging parties who lodge transactions for immediate assessment at the public counter, and to lodge physical documents for a Commissioner’s Assessment. A lodgment identification number (Bundle ID) will now be generated at the time the transaction is immediately assessed or lodged for assessment.
Imagine you are in the biggest city you know, on the busiest street, outside the biggest bank which you notice is surrounded with cameras and not just armed, but heavily armed security guards and some restrained but excited & vicious looking dogs.
The Bank doors open, a few moments later, from the secure confines of the building, out walks a petite and cheerful person pushing in front of them a wheelbarrow full of money, out on to the street. You immediately notice the passers-by around them, become onlookers. As they begin to stare perhaps hope that some of those loose notes blow off the top for them to collect at their whim. But if you were to look down the dark alleyways and side lanes you might find some bigger threats to that person losing their funds.
This cheerful person is off to buy the property of their dreams, they have arranged to meet the Seller, to exchange funds for Title of their intended property purchase just a few blocks up the terrace of this same street.
You begin to notice some spectre like characters, seem to condensate, perhaps out of the side lanes and alleyways, but now just happen to be walking past, as they take more interest than they should.
Just a reminder that GST is now a query of every Residential contract dated on & post 1/7/18.
Not just the obvious ‘new land or new builds’, since ‘New Residential Premises’ under the Taxation administration act, may still be quite aged properties!
“The term ‘new residential premises’ is defined in s 40-75 of the GST Act:
Residential premises are new residential premises if they:
a. have not previously been sold as residential premises and have not previously been the subject of a long-term lease; or
b. have been created through substantial renovations of a building; or
c. have been built, or contain a building that has been built, to replace demolished premises on the same land.”
The AICWA have created a ‘Seller’s Notice to Buyer’ seems to be more direct about if GST is applicable or not?
Either way this new ruling is not well known, nor tested so watch this space as it is likely to develop further as time goes on.
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Is a Hard Wired Smoke Alarm Enough?
We have written on the important topic of smoke alarms on numerous times in the past and it has always generated considerable interest. Key issues have included:
What is the Current Issue with Smoke Alarms?
Hard wired smoke alarms were required to be installed on all new properties from 1 October 1997. READ MORE HERE.
Source:13th July 2018 AICWA e-Newsletter
AICWA Member Benefit
The Moving Man and AICWA are teaming up to provide your clients with an outstanding offer.
Moving Man are able to offer a 10% discount to your clients on a pre-pack and relocation service* of household goods. *Minimum conditions apply.
Refer to the offer HERE.
Moving Man is happy to attend to any of your members queries regarding their company and services.
Alternatively, members can check our credibility by referring to their 5 star rating on 'Product Review' HERE.
Source:13th July 2018 AICWA e-Newsletter
Government opts for partial sale of Landgate.
Nick Evans The West Australian
Wednesday, 27 June 2018 12:16PM
Transport Minister Rita Saffioti Picture: The West Australian, Simon Santi The West Australian
The State Government will sell off the profitable arm of WA’s land titles registry, but says it will not fully privatise Landgate.
Lands Minister Rita Saffioti announced today Landgate’s “automated registry services” would be put on the market, but its statutory functions, and other services, would be retained by the State Government.
It is understood the move will see the right to run property searches sent out to the private sector under a 50 year leasing deal, as well as automated property transfers – which make up about 90 per cent of title transfers in WA. But the underlying property data will remain the property of the State Government and Landgate staff have been told they are not likely to see further job losses as a result of the arrangement.
In a statement Treasurer Ben Wyatt said the Government would “retain ownership and oversight of the land titles register, and Landgate itself will continue to function as a statutory authority”.
The State Government hopes to get at least $650 million for the sale of the rights, saying the money will be used to fund a redress scheme for the victims of institutional sexual abuse.
Mr Wyatt said the Government would seek to cap charges for services sold by a private operator to the inflation rate plus 1 per cent.
Ms Saffioti said the Government will “will retain ownership and statutory responsibility for our land titles register, ensuring the security and integrity of the State's vital data asset”.
Further media release: https://www.mediastatements.wa.gov.au/Pages/McGowan/2018/06/McGowan-Government-rejects-sale-of-Landgate.aspx
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
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