ByLawyers News and Updates

Formatting of By Lawyers deeds and agreements

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Over the next month or so you will notice a minor change to the formatting of the By Lawyers precedent deeds and agreements.

By Lawyers has received and responded to feedback that the line under headings in deeds and agreements can be troublesome when users are customising precedents. The line under headings is currently a ‘top border’ applied to the 1st paragraph of the clause. We are swapping that line to a ‘bottom boarder’ of the heading paragraph, which is a more intuitive – and hopefully a less troublesome – place for the line formatting to be applied.

We all know formatting can be tricky. If you are having trouble please see our Tips and tricks for working with By Lawyers precedents, found in every publication, at the end of folder A. ‘Getting the matter underway’ on the matter plan. If you are still stuck – don’t hesitate to call or email us; our team is here to help you!

 

Wills and powers of attorney – Costing & Storage

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Costing wills and powers can be difficult. It is often not clear at the outset the extent of work which will be required. While many wills are ‘simple’, the complexity of a client’s financial position or their family arrangements can mean hours of time spent taking and confirming instructions and sometimes reviewing documents such as their self managed superannuation fund deed, or a family trust deed. The intended uses for a power of attorney are many and varied and may involve detailed advice. Any issues of capacity may also add significant time and expense.

Is a flat fee for a ‘simple’ will or a ‘standard’ power appropriate, or should an hourly rate apply?

Are there any scale costs that can be used as a guide? What costs disclosures must be made to the client?

What arrangements should be made for the storage of original wills?

How should copies of documents be managed?

These practical questions are dealt with in new sections of commentary on Costs and Storage in our NSW, Vic, Qld, SA, ACT, Tas and WA wills and powers publications.

All of these publications include the By Lawyers wills and powers Costs Agreements and example invoices, which meet costs disclosure requirements and include disbursements, billing and payment arrangements, client rights notice and solicitor’s lien provisions, among others.

Superannuation and downsizing

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The By Lawyers Self Managed Superannuation Guide has been updated to provide greater detail about contributions to superannuation as a result of residential downsizing.

From 1 July 2018, superannuation fund members aged 65 and over who downsize by selling their principal place of residence are able to contribute up to $300,000 from the proceeds of sale into their superannuation fund as a non-concessional contribution. Both members of a couple can take advantage of the concession for the same family home, allowing up to $600,000 per couple to be paid into superannuation from the sale proceeds of the family home.

Downsizing contributions are exempt from inclusion in the $1.6 million total superannuation balance cap. Instead, the contribution is included when the total superannuation balance is recalculated at the start of the new financial year.

This measure is available to superannuation fund members who have held their principal place of residence for 10 years or more, for contracts that are exchanged after 1 July 2018. The contribution must be made to the fund within 90 days of settlement of the sale.

Importantly, despite the term ‘downsizing’, there is in fact no requirement to purchase another home.

For more information about superannuation contributions, see the By Lawyers Self Managed Superannuation Funds Guide.

TAS – transfer duty concessions

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New commentary and forms have been added to the Purchase of real property (TAS) Guide in relation to the availability of new transfer duty concessions for first home owners purchasing an established home and also pensioners downsizing to an established home.

First home transfer duty concessions – Established home

A 50% discount is available on transfer duty for first home buyers of established homes which have a dutiable value of $400,000 or less. The discount is available for purchases of established homes that settle within the period 7 February 2018 and 6 February 2019. The eligibility requirements are set out in full in our commentary. A link to the SRO form Section 46E Concession from duty -Transfer to first home buyers of an established home has been added to the matter plan.

Transfer duty concessions for pensioners downsizing

This concession provides a 50% discount on transfer duty for eligible pensioners who sell their existing home and downsize to another home (not vacant land) with a dutiable value of $400 000 or less (and also less than that of the former home). Both homes must be in Tasmania and the new home must be an established property.

The concession is available where:

  • the sale of the former home settles within the period 10 February 2018 and 9 February 2019; and
  • the purchase of the new home settles within six months before or after the transfer of the former home.

The eligibility requirements are set out in full in our commentary.

A link to the SRO form Sections 46N & 46O Concession from duty -Transfer to pensioner/s downsizing home has been added to the matter plan.

Client Details and Verification of Identity certificate

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We have added a new Client Details and VOI precedent to every one of our publications. This handy document is designed to be used at the first point of contact with a client.

The front page is for the client’s general contact information and identification. The second page includes the formal Verification of Identity Certificate.

The Client Details page can be completed by the client while they are waiting to meet with the solicitor, saving time for the client and the practitioner in the process.

Having the Client Details and VOI as a separate document leaves the Retainer Instructions for collecting the matter-specific information.

We have placed the new precedent immediately before the Retainer Instructions on each matter plan.

We think this will simplify and improve the client engagement process. We would love to hear any feedback from firms as they use the new document.

By Lawyers Alerts – reducing stress

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To reinforce the currency of our publications, we have extended our Alerts system.

At By Lawyers we are committed to reducing stress for small law firms and ensuring practitioners have what they need, when they need it. Our matter plans provide you with the precedents you are looking for and our commentaries give you as much  – or as little – support as required.

Most importantly, our publications always include the latest in legislative and procedural changes.

Alerts have always been posted in our publications as a way of letting you know, at a glance, of any recent updates to the law and advising you when our precedents and commentaries have been updated. However, sometimes there simply aren’t any changes that you need to know about – and we think you need to know that, too.

From now on, where there are no changes current, our publications will display the reassuring flag ‘Alerts – Nil’.

‘Alerts – Nil’ at the top of a matter plan indicates that there have not been any recent changes in that area of law.

At By Lawyers all members of our editorial team have dedicated areas of law to follow, with state-based cross-checks, ensuring no legislative changes escape our attention. Notifications from legislative, courts and law society sources, to name only a few, are checked and cross-checked daily. When we need to update anything, the digital nature of our publications means that we can post updates – and issue an alert – immediately.

We will always inform you when there is something you need to know. Otherwise, you have no need to worry!

Conveyancing – GST withholding – Supplier notification

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Where a purchaser is required to make a GST withholding payment, the vendor (supplier) is required to provide the purchaser with a written notice, called a Supplier notification, containing information to help the purchaser comply with their GST withholding obligations.

The notice must be provided to the purchaser on or before the supply. This notice can be incorporated into the contract for sale, or provided separately.

To make compliance easy, we have added a Supplier notification precedent in all of the By Lawyers Conveyancing Sale Guides, under the heading ‘The contract’.

Further information on the new GST withholding requirements for residential properties – and related precedents – can be found in all By Lawyers Sale and Purchase Guides.

Don’t worry, By Lawyers always keep you up to date!

Conveyancing – Conveyancers’ Costs Disclosure precedents

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By Lawyers are pleased to announce the addition of Conveyancers’ Costs Disclosure precedents for NSW, VIC, NT, SA and TAS.

These precedents comply with the relevant legislation governing the costs and dispute resolution disclosure requirements for licensed conveyancers.

The Conveyancers Costs Disclosure precedents are now included in the following By Lawyers Guides:

  • Sale of real property
  • Purchase of real property
  • Mortgages
  • Leases

These are important precedents for all licensed conveyancers – if the necessary disclosure is not given before or at the time of the retainer, a client is not required to pay the conveyancer’s costs!

TAS – Estates – Guidance Note – Itemised bills and beneficiaries

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In July 2018 the Legal Profession Board of Tasmania identified an issue with an increasing number of complaints against legal practitioners relating to perceived overcharging and failure to communicate with executors/administrators and beneficiaries regarding costs for estate matters.

As a result, the Legal Profession Board issued a detailed Guidance Note for the profession outlining what it considers to be appropriate standards of conduct, aimed at minimising complaints.

The Guidance Note says that, while there is no legislative requirement to provide beneficiaries with itemised bills, it ‘may be advisable’ to do so. This particularly applies where practitioners are also the executor or administrator of the estate and especially if they are seeking commission or proposing to charge in any way not provided for in the will.

The By Lawyers Probate and Letters of Administration commentaries have been updated accordingly.

Courts and tribunals – 1 July fee increases and legislation updates

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1 July always sees legislative changes, including increases to court fees. Happy New (financial) Year!

The following are some of the important changes commencing 1 July 2018. By Lawyers publications in each state have been updated as appropriate.

LITIGATION, CRIMINAL LAW, FAMILY LAW & DECEASED ESTATES

All States

Fee increases apply in all courts and tribunals.

Injury claims – where damages for permanent impairment and/or non-economic loss are subject to statutory caps (e.g. motor accidents and workers compensation legislation) these maximum amounts have been updated.

Defamation – the maximum amount of damages for non-economic loss available under the Uniform Defamation Law is now $398,500.

VIC Supreme Court

All documents for Supreme Court Common Law, Commercial Court and Costs Court matters must now be electronically filed using the RedCrest electronic filing platform. Court users will need to register. See the Supreme Court page ‘Electronic filing and case management’ and the commentary in the By Lawyers Victorian Supreme Court Guide

 

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