AICWA members will be aware that since 2007, all new residential premises must be fitted with at least two RCD’s (as per AS/NZS standard 3000:2007) For all domestic dwellings built before 2007, the vendor must arrange for the RCD’s to be installed before transfer of title or prior to the renting/leasing of the premises. A new version of AS/NZS 300 was released on June 26th. ASNZS 3000:2018 will commence on January 1st 2019. The new standard requires an RCD to...
The amendments to the TLA have achieved a second reading in Parliament.This Bill aims to amend three key areas of the Transfer of Land Act 1893 (TLA). It:1. Modifies the definition of counterpart documents to improve the processing of mortgages electronically;2. Enables electronic service of many types of notice under the TLA; and3. Removes duplicate certificates of title from the conveyancing process, resulting in greater ability to conduct land transactions in a fully electronic environment.In its submission to Landgate AICWA called for...
GST UpdateReview of the GST at settlement measureNow that the GST measure has been operating for 6 weeks the ATO have put together a Process Review Document HEREATO invite interested parties to be part of a Webinar: GST at settlement – Process guidance and common questions – Thursday 6 September 2-3pmThis 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...
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...
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; orb. have...
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...
