by By Lawyers
The fees payable in the Family Court and Federal Circuit Court are changing from 1 July 2018. These increases will impact on Children and Property Settlement matters as well as Divorce/Nullity.
The By Lawyers Family Law guide will be updated where applicable to reflect these amended fees.
by By Lawyers
Electronic conveyancing is coming
The conduct of a sale and purchase up to and including exchange can and will remain unchanged for some time as practitioners adapt to conducting matters electronically using emails and software that is currently being introduced into the market.
It is in fact possible today to prepare, submit, negotiate, sign and exchange contracts without the use of paper. Those practitioners interested in joining this move away from paper will find the means to do so within the By Lawyers conveyancing guides.
Electronic settlement has already arrived
However, the focus of this explanatory paper is the electronic settlement process – currently available via PEXA, but soon also via SYMPLI, a joint venture of Infotrack and the ASX.
So, how does PEXA work?
The PEXA process that follows exchange requires all participants in the transaction to have been identified, be registered and have a PEXA digital certification that entitles them to transact electronically in what is known as a ‘workspace’.
A workspace in the electronic conveyancing platform is opened by the vendor, or failing the vendor any other party, for each transaction and a date and time for settlement is entered. When the workspace is created the vendor ‘invites’ all other parties to the workspace via PEXA.
The workspace is where the transaction occurs. As the transaction progresses, each party can add, remove or amend their information in the workspace.
Whilst such matters as requisitions and settlement adjustments are completed outside the workspace, they can be uploaded to the workspace and made visible to a party of choice. For instance, a discharge authority might be made visible to the vendor’s discharging mortgagee only.
The vendor and purchaser sign a paper Client Authorisation allowing their practitioner to sign for them, as it is the practitioner who has the authority through their Digital Certificate to sign for clients. Therefore, the Client Authorisation is a critical document and must be retained for 7 years as they may be audited.
Outgoing and incoming mortgagees make their arrangements for settlement without input from practitioners. Payment directions are communicated by entry into a Financial Settlement Schedule which contains tabs for Source Funds and Disbursements.
Each party to the transaction completes their tasks prior to the nominated settlement time and for settlement to take place as planned, the Settlement Schedule must balance, the source funds must be available, and all documents must be signed.
How does settlement occur?
The workspace is locked automatically once everything is ready. This triggers title verification and movement of the source funds into a holding account. A final search is not required as the workspace will not lock if there are title impediments to registration.
Settlement occurs exactly as scheduled and title documents are lodged and registered, and the settlement funds disbursed in accordance with the Financial Settlement Schedule. The settlement process is automatic and completed in about 15 minutes which sees cleared funds transferred and title registered.
Note settlement can be cancelled at any time prior to the locking of the workspace.
The way of the future
The electronic settlement process is remarkably efficient and easy once you get used to it. As it seems inevitable that electronic settlements – and ultimately electronic conveyancing – will become standard practice, it is well worth becoming familiar with it and its really not so hard to do. By Lawyers conveyancing guides can assist you.
by By Lawyers
With the impending removal of dual regulation, immigration practice becomes more accessible for legal practitioners.
Currently, lawyers practising in immigration law are subject to dual regulation: the regulation already applicable to Australian legal practitioners, plus the requirement to be registered as migration agents and subject to the Migration Agents Regulatory Authority (MARA).
Under the proposed Migration Amendment (Regulation of Migration Agents) Bill 2017 (Cth), currently before the senate, this barrier to lawyers conducting immigration matters will be removed. Lawyers will no longer have to register as migration agents and will not be subject to regulation by MARA.
This means lawyers will be able to conduct immigration matters as part of their usual practice, with no additional registration or regulatory requirements.
The proposed commencement date, for lawyers holding practising certificates without a supervised legal practice condition, is 19 November 2018.
Further information about the Bill, including proposed consumer education on the changes, is available on the MARA website.
By Lawyers Immigration guide allows lawyers to take advantage of these changes
By Lawyers continually reviews and updates all publications in line with legislative and procedural changes, ensuring publications are current for every matter undertaken.
Whether acting for an employer who wants to sponsor a temporary overseas worker or a family seeking to bring an older relative from another country, the By Lawyers Immigration publication assists practitioners from start to finish.
by By Lawyers
The requirement for purchasers to withhold and remit GST on taxable supplies of certain real property under subdivision 14-E Schedule 1 Taxation Administration Act 1953 comes into force on 1 July 2018. This applies to all contracts that settle after 1 July. The transitional arrangements are that contracts entered into prior to 1 July 2018 and settle before 1 July 2020 are exempt from the withholding regime.
The sale and purchase commentaries in all states have been updated, the By Lawyers contracts in NSW and VIC have appropriate new provisions and precedent letters are being updated.
by By Lawyers
From May 2018 transfers recording a transferee – that is, the executor – as trustee can be lodged electronically. To do this only details of the trust will be required – that is, as executor pursuant to grant of probate.
For consistency in paper the Titles Registry introduced the Trust Details form, on which the basis of the trustee transfer can be noted. Transmission applications that are supported by a grant from a foreign jurisdiction that is eligible for re-seal in Queensland under the British Probates Act 1898 (a Queensland recognised grant) that have not been resealed in Queensland are now made on a form 5.
While a form 1 Transfer is available through PEXA and eLodgement, transmission application forms 5 and 5A can only be lodged through eLodgement. See Electronic lodgement of title transactions (eLodgement) for details of what forms can be lodged and how to use eLodgement.
Transitional provisions for forms 5 and 5A are in place until 30 September.
Forms 5 and 5A have been updated to the latest version. The new Trust Details form has been added to the matter plan. Also our Probate and Letters of Administration commentaries have been updated to reflect these changes.
by By Lawyers
Substantial changes to committal procedure in the Local Court.
Amendments to the Criminal Procedure Act 1986, pursuant to the Justice Legislation Amendment (Committals and Guilty Pleas) Act 2017, commenced on 30 April 2018, with consequent amendments to the applicable Regulations. These amendments substantially change the procedure for committals by mandating early charge negotiations and encouraging early pleas of guilty.
In summary, the new procedure is:
The Commentary and Precedents in the By Lawyers NSW Criminal Local Court Guide have been updated to cover the new procedure.
by By Lawyers
The recent High Court decision in Burns v Corbett [2018] HCA 15 confirms that state tribunals do not have jurisdiction in interstate disputes, unless the tribunal is constituted as a state court. The decision only concerned the New South Wales Civil and Administrative Tribunal and confirms the NCAT does not have jurisdiction in interstate disputes. This may affect the Queensland Civil and Administrative Tribunal as there is doubt over whether or not QCAT is constituted as a state court.
Where claims involve interstate disputes, careful consideration of the appropriate forum is required.
by By Lawyers
A summary of the proposed amendments to the Bail Act 1977 has been added to the Commentary in the Criminal Magistrates’ Court (VIC) Guide.
The cumulative effect of these amendments is a significant overhaul of bail procedure in Victoria. They may or may not achieve their objectives, but regardless the impact is potentially significant.
The commentary will be updated when the legislation commences.
The first stage of these amendments is expected to commence 1 July 2018 with the second stage likely to commence later in the year.
by By Lawyers
From 18 March 2018 the Temporary Work (Skilled) visa (subclass 457 visa) is abolished and replaced with the Temporary Skill Shortage (TSS) visa. Associated reforms to permanent skilled migration programs are also made from this time (sub classes 186, 187, 189, 190, and 489). These amendments are reflected in our Immigration Publication.
by By Lawyers
Section 149 Planning Certificates are now known as Section 10.7 Planning Certificates following changes to the Environmental Planning and Assessment Act.