Insights from the AIC NSW Kiama Education Day The Australian Institute of Conveyancers (AIC) NSW recently hosted an enlightening Kiama Education Day, bringing together industry experts to discuss critical topics in conveyancing and property law. The event covered a range of subjects from plan reading and the complexities of easements and covenants, to managing strata defects and understanding the nuances of planning law. Each speaker provided valuable insights into their respective fields, highlighting the importance of staying updated with the latest developments and legal requirements in the ever-evolving landscape of conveyancing in New South Wales. Read more about each speaker and their topic of discussion:  Plan reading for conveyancers Bob Harrison, registered surveyor, covered the issues involving Surveyors having to identify or re-establish a parcel of land boundary using modern survey methodology. He spoke about the various sources of historical and current plan/diagram information available to Surveyors in combination with the current SixMaps system used by NSW Government. He also highlighted the risk for property purchasers in not engaging a surveyor to do an identification survey to confirm the boundaries of a property. There have been several instances where a property has been built in a position which encroaches onto

Understanding the implications of GST withholding legislation in property transactions A withholding legislation for GST was introduced on 1 July 2018. This legislation requires purchasers to withhold the GST amount of the purchase price and remit it to the Australian Taxation Office (ATO) upon settlement. The formation of the legislation was a consequence of numerous instances of ‘phoenixing’, where companies would abuse the remittance period between settlement and the lodgement of their next business activity statements by deregistering their companies and creating new ones to avoid their GST payment obligations. It is estimated that $1.8 billion in GST debt was accumulated before the legislative amendments. Companies claimed an estimated $1.2 billion in GST input credits from 2013-2017. The legislation is contained in section 14-250 of the Taxation Administration Act 1953 which specifies that GST must be withheld if you are the recipient of a taxable supply which is potential residential land or a new residential premises (excluding commercial premises or any substantial renovations made to a property). Purchasers who are not registered for GST or are not acquiring the land for a credible purpose (i.e. in the course of their business) remain exempt from this provision. To help the purchasers

Bespoke, efficient platforms: transforming your property matters In the dynamic world of property matters, efficiency is the name of the game. Whether you are part of a law firm or a conveyancing firm, the need to process more matters, save time, and enhance overall business efficiency is an ongoing task. If your firm is looking to streamline property transaction operations, SettleIT can help. SettleIT is a bespoke, efficient platform designed to transform the way you handle property settlements and lodgments. It can help you save time, process more matters, and supercharge your business efficiency.   The robust nature of the bespoke platform No two law firms, conveyancing firms or property transactions are the same. That’s why you need to use solutions that are flexible to your business needs. SettleIT’s strength lies in its bespoke platform, that has been crafted to meet the unique needs of property professionals. This platform isn’t a one-size-fits-all solution; it’s a tool that is customisable, adaptive, and streamlined.    Stay connected from anywhere In today’s fast-paced world, being tethered to a desk isn’t always practical. SettleIT’s mobile-responsive platform ensures that you can access critical information even when you’re on the go. With SettleIT for mobile, you can:  Track orders to

Historic reforms for NSW eConveyancing On Thursday May 12 2022, the NSW Parliament passed the Electronic Conveyancing (Adoption of National Law) Amendment Bill 2022. The historic reform has been welcomed and championed by InfoTrack within Australia.  How are property transactions currently undertaken? Investing in property is often one of the biggest financial decisions a person will make in their lifetime. Currently, when a consumer is ready to buy, sell or mortgage a property they are only able to subscribe to the one Electronic Lodgment Network Operator (ELNO) to complete the transaction. This is because ELNOs are unable to exchange information, or ‘talk’ to each other, to complete a transaction. How does this reformed legislation change this? The important reforms outlined in the amended bill require ELNOs to interoperate, meaning a greater level of cooperation will be necessary amongst operators. Interoperability means that every user gains the right to choose their ELNO for every settlement.  What does this announcement mean for all parties involved? These significant changes pave the way for national interoperability, meaning better competition and choice for practitioners. For all of those involved in property settlements, the buyer, the seller, and/or their conveyancers, and lawyers, this will accelerate the process