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The Personal Property Securities Amendment (PPS Leases) Bill 2017 (Cth) received Royal Assent on Friday 19 May and commenced operation on Saturday 20 May.
The Personal Property Securities Amendment (PPS Leases) Bill 2017 (Cth) was passed by the Australian Parliament.
The SRO is cutting red tape for taxpayers by digitising stamp duty assessments and removing paper-based land transfer duty forms.
The South Australian Registrar has announced their intention to mandate electronic lodgements for the following dealing types.
In July 2016, the Minister for Finance, Services & Property, the Hon Dominic Perrottet MP, announced the NSW Government’s plans to accelerate the transition to electronic conveyancing and progressively phase out paper certificates of title in NSW. The e-conveyancing reforms position the Government as a leader in digital innovation.
On 1 March 2017 the Government introduced the Personal Property Securities Amendment (PPS Leases) Bill 2017 in the House of Representatives.
Following are requirements and dates on which the next phase of the Registrar’s requirements for paper conveyancing transactions take effect.
Land and Property Information (LPI) will commence charging fees for requisitions sent in relation to documents, plans and associated instruments lodged for registration from 1 January 2017.
The Land and Other Legislation Amendment Bill 2016 (the Bill) was introduced into Parliament on Tuesday 29 November 2016.
LPI has implemented new proof of identity requirements for Change of Name and Application for Replacement Certificate of Title.
Effective 4th December there will be some minor changes to Land Tax Certificates.
To modernise strata laws, more than 90 law changes were passed by the NSW Parliament in 2015 and will start on 30 November 2016.
The ACT Land Titles Office is relocating to Damie Pattie Menzies South Building on the 25th of November.
On 28 October 2016, the Office of the Registrar General (ORG) published Version 2 of the Conveyancing Rules on the Land and Property Information (LPI) website. This version will replace Version 1 from Saturday 26 November 2016. Please see attached ORG circular for more information.
The final transitional period provided under the Personal Property Securities Act 2009 (Cth) (PPSA) is coming to a close.
The State Revenue Office (SRO) will defer issuing Land Tax Clearance Certificates until Tuesday 3 January 2017 for properties to be settled or auctioned in 2017.
Priority notices will be introduced in Victoria in December 2016 and Land Victoria is currently developing a comprehensive guide for customers about the use of priority notices.
Many properties in Victoria are mortgaged and the Certificates of Title (CTs) are therefore held by first mortgagees. The four major banks (ANZ, CBA, NAB, Westpac and their brands) hold approximately two million CTs in Victoria.
Following consultation and agreement with these banks, on 22 October 2016 Land Victoria will facilitate a bulk conversion of paper CTs (pCTs) of which the banks are the first mortgagee.
As advised by the Law Society of NSW, due to the Commonwealth's Foreign Resident Capital Gains Withholding Payments beginning 1 July 2016 and the significant changes the Withholding Payments Measure requires in conveyancing practice, the 2005 and 2014 editions of the contract will no longer be sold after 30 June 2016.
Legislation is already in place in both WA and SA that requires lawyers, conveyancers and mortgagees to take reasonable steps to verify the identity of a party to a conveyancing transaction. As of 9 November 2015, updated VOI standards now apply to all paper instruments in VIC and for all mortgages in NSW. This also applies to QLD as of 1 March 2016.
On 12 May, 19 merged councils were created by the NSW government by either combining councils together or by dividing the council area to two or more councils. The NSW government has advised that they are working to reduce the 152 councils to 115.
Effective 1 July 2016 paper applications for Land Tax Certificates will no longer be accepted at the NSW OSR.