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NSW Conveyancing & Property

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Matter Type Restructure – Custom Precedents

As previously mentioned in earlier communications, we commenced a restructure of matter types in LEAP on 18 August 2021.

We are now in the final stages of the matter type restructure and as part of this last phase, the following matter types will be relocated and/or removed as of 29 September 2021:

  • Miscellaneous (will be relocated out from the Other areas of law section)
  • ACT Chattel lease (will be removed)
  • ACT Units plan (will be removed)
  • NSW Building Contracts (as this was a duplicate matter type it will be removed)

If you currently have any custom precedents in these matter types, they will display as “orphan precedents” on 29 September and will not be associated to any particular matter type.

Your custom precedents WILL NOT be deleted due to the relocation or removal of matter types, they will simply require REASSIGNING to the new relevant matter type/location.

HOW TO REASSIGN ORPHAN CUSTOM PRECEDENTS

Search for your custom precedents in the Search bar. Once your custom precedents display in the Search results, drag your custom precedents to the relevant matter type folder on the left-hand side – this will now re-associate your custom precedents to the new target location. All shortcuts will also update automatically with the details of the new target location.

For more information or assistance, start a LiveChat with one of our dedicated HelpDesk consultants.

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Conveyancing and Property – ARNECC form – Identifier Declaration – All States

The following form has been created for the purposes of ARNECC, being a Federal based form and this form has been shortcut to the appropriate locations for each state and territory:

  • Identifier Declaration [LL-FED-GEN-059]

The following forms have been replaced by the abovementioned form:

  • Identifier declaration [LL-ACT-PR-312]
  • Identifier declaration [LL-SA-PR-0078]

[Read more…] about Conveyancing and Property – ARNECC form – Identifier Declaration – All States

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NSW Stamp duty – FHBA thresholds updated

In accordance with the recent announcement by Revenue NSW, the stamp duty thresholds in LEAP for the First Home Buyer Assistance (FHBA) scheme have been reverted to the previous parameters (as applicable for contracts exchanged between 1 July 2017 to 31 July 2020 ).

The updated thresholds apply to Exchange Dates from 1 August 2021 onwards and are as follows:

  • New homes valued less than $650,000 will be eligible for a transfer duty exemption. New homes valued between $650,000 and $800,000 will be eligible for a concessional rate of duty;

  • Vacant land valued less than $350,000 will be eligible for a transfer duty exemption. Vacant land valued between $350,000 and $450,000 will be eligible for a concessional rate of duty;

  • Existing home thresholds remain unchanged.

In your Conveyancing matters, if the Purchasers are eligible for FHBA please ensure that the following data entry is completed in the Conveyancing details table:

  • Property type (e.g. Private home – new, Vacant land)
  • Eligible for Stamp Duty Reduction (under the First Home Buyers Assistance section)

In addition, as there are different duty thresholds applicable dependent on the Exchange Date – please ensure this has been entered in Calendar & Tasks, so that Stamp duty payable as well as eligibility for the FHBA concession/exemption displays correctly in your Conveyancing & Property matters.

The relevant rates will apply based on the Exchange Date entered – please ensure this has been entered in Calendar & Tasks, so that Stamp duty payable displays correctly in your Conveyancing & Property matters.

Stamp duty calculations are also available in our Quick Calculators (located in the main Menu > Other > Tools) – this tool can be utilised when wanting to do quick estimations of stamp duty payable for a potential property transaction.

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Conveyancing and Property – Australian Taxation Office documents – All States

The following Australian Taxation Office (ATO) forms have been shortcut into the appropriate locations for each state and territory:

  • Foreign resident capital gains withholding clearance certificate application [LL-FED-GEN-039]
  • Foreign resident capital gains withholding rate variation application [LL-FED-GEN-038]
  • Foreign resident capital gains withholding purchaser payment notification [LL-FED-GEN-040]

[Read more…] about Conveyancing and Property – Australian Taxation Office documents – All States

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Conveyancing and Property – Settlement Adjustment Sheets – All States

The following forms have been relocated to the Conveyancing and Property > Settlement Documents folder for each state and territory:

  • Settlement Adjustment Sheet [LL-NSW-PR-686]
  • Settlement Adjustment Sheet (OLD) [LL-NSW-PR-642]
  • Settlement Statement [LL-QLD-PR-309]
  • Settlement Statement (OLD) [LL-QLD-PRP-276]
  • Statement of Adjustments [LL-VIC-PR-509]
  • Statement of Adjustments (OLD) [LL-VIC-PR-045]
  • Settlement Adjustment Sheet [LL-ACT-PR-314]
  • Settlement Adjustment Sheet (OLD) [LL-ACT-PR-301]
  • Settlement Adjustment Sheet [LL-TAS-PR-029]
  • Settlement Adjustment Sheet (OLD) [LL-TAS-PR-027]
  • Settlement Statement [LL-NT-PR-189]
  • Settlement Statement (OLD) [LL-NT-PR-0135]
  • Settlement Statement [LL-WA-PR-140]
  • Settlement Statement (OLD) [LL-WA-PR-100]
  • Settlement Statement [LL-SA-PR-131]
  • Settlement Statement (OLD) [LL-SA-PR-0084]

The following form has been replaced by the relevant form above:

  • Settlement Adjustment Sheet_2x [LL-NSW-PR686]

The Settlement Adjustment Sheet forms have also been shortcut to each states’ and territories’ Settlement Documents folder within the Business & Franchise > Purchase/Sale of Business and Business & Franchise > Agribusiness > Sale/Purchase of Rural Property folders.

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FED – Conveyancing & Property form

The following form has been updated:

  • Foreign resident capital gains withholding clearance certificate application [LL-FED-GEN-039]

The following form has been removed and replaced by the abovementioned form:

  • Foreign resident capital gains withholding clearance certificate application – Person 2 when 2 people 1 card [LL-FED-GEN-039A]

By having one form allows us to update any changes made by ARNECC to the forms immediately across all states.

IMPORTANT: these documents are now supported by using an add-in via Word called LEAP for Word.  When opening a form that is supported by the LEAP for Word add-in, you will be presented with a side panel which contains a series of questions or requests for information that will automate to that document.  Ensure you click Trust this add-in. The LEAP for Word add-in will then be automatically installed by Microsoft Office on your computer. This process is controlled by Microsoft Office and these prompts will not display once the LEAP for Word add-in is installed.

Once the LEAP for Word add-in is installed, you will then be presented  with the question as to who is the subscriber for electronic settlement – the answer selected will then automate the relevant details in the form:

 

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NSW – Stamp duty updates

The stamp duty calculations in LEAP have been updated to reflect the 2022 Financial Year changes and will commence upon the start of the new financial year, 1 July 2021.

The relevant rates will apply based on the Exchange Date entered – please ensure this has been entered in Calendar & Tasks, so that Stamp duty payable displays correctly in your Conveyancing & Property matters.

Note: Stamp duty payable figures include the $20 duplicate and transfer fees by default. To exclude these fees, tick the checkbox Fees to be excluded in the Convey. details tab in the Conveyancing details table

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NSW – Water Access Licence forms

The following forms have been updated:

  • Discharge of mortgage (security interest) – [W-05DM] [LL-NSW-WAL-160]
  • Discharge of charge (security interest) – [W-06DC] [LL-NSW-WAL-159]
  • Caveat prohibiting the recording of dealings – [W-08X] [LL-NSW-WAL-153]
  • Change of name – [W-10CN] [LL-NSW-WAL-155]