As a conveyancer, it is your responsibility to understand your legal obligations. Identify two (2) regulatory and industry provisions that prescribe the rules of conduct for conveyancers.

In less than 50 words, identify and describe three (3) different types of conveyancing transactions.

Focusing on personal conveyancing, discuss if any land transfer (stamp) duty or land tax obligations arise if a property is transferred under a Will. (100-200 words)

Conveyancing practitioners need to be familiar with commonly used professional and industry terminology. Define the following acronyms and note the relevant legislative provision

SRO

ATO

FRCGWT

There are a number of procedures and business requirements for a conveyancing practice. According to the Conveyancers Act 2006, sect 58, what is the requirement for record keeping in a conveyancing transaction?

Conveyancing practitioners need to consider which tax obligations to raise with conveyancing clients. It is vital that you know your limit and when to refer to an expert for advice. Identify two (2) specialists that you could consult for relevant tax advice.

Terry and Michael are looking to buy their first property in Victoria. Provide advice on their eligibility for the tax reduction scheme of the First Homeowners Grant (FHOG) (200-300 words)

Using your research strategy, identify three (3) primary GAIC trigger events and advise which party (purchaser or vendor) to those events will be responsible for the GAIC payment.

Briefly answer the following questions in relation to the GAIC certificate.

• Identify and briefly explain what the four steps are to obtain a GAIC certificate on the SRO website.
• In a few lines, briefly describe what information the certificate contains.
• Describe one possible consequence if the vendor does not include a GAIC certificate in the s32 vendor statement (non-disclosure)?

You have been asked by your supervisor to apply for a GAIC certificate to include in the clients s32 vendor statement. Refer to Appendix 1, you are required to complete the details in the appendix to simulate completing an online application for a GAIC certificate. Refer to the email from your supervisor below for details be required for the form. Submit the completed form as part of your assessment submission.

For the past twenty years, Giselle and Suzanne McCarthy have owned 24 hectares at 100 Peppertree Lane, Melton, type – A land. Deciding to downscale to an inner apartment, they have recently sold the property and transferred all their interests in the land to the purchasers, Mr and Mrs Eager.  In no more than 100-200 words, you are required to write a short email of advice responding to the following enquiries and communicate your response to the purchasers:

a)      Identify the parties involved in the conveyancing transaction

b)      Identify if the land affected is in an area/suburb affected by GAIC?

c)       Describe what is a type- A property?

d)      If GAIC is to be paid, determine the GAIC rates for the current financial year and calculate the amount of liability?

Your client has been assessed with a GAIC liability as a result of the conveyancing transactions. In less than 100 words:

a)      Briefly discuss if a purchaser buying GAIC affected land can defer their payment, and

b)       Explain if they can they lodge an objection? If so, identify four possible reasons why they can object to the GAIC assessment?

Matt intends to apply for a building permit, which may trigger a GAIC payment. The building works are expected to cost under a million dollars. You will need to check the current threshold for building works to assess if GAIC will be payable. Communicate your advice to Matt in less than 50 words.

While specialists and consultants can provide you with expert advice, some government agencies such as the ATO have designed specialised online tools to assist with assessing taxation obligations. You are required to visit the ATO website and use the online GST property tool. Following this link, https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=GSTProperty&anchor=GSTProperty&anchor=GSTProperty/questions#GSTProperty/questions  use the ATO’s GST property decision tool to respond to the following enquiries from Bob.

a)      Assess and calculate the amount of GST required to be withheld by purchaser Freddy Fox at settlement?

b)      Explain the process for the purchaser’s lawyer once the GST has been withheld including the relevant forms for lodgement (GST withholding – new or potentially new residential land).

(Note that the tool is tricky when it comes to decimal points and does not like the use of commas in between the numbers).

a)      Assess and calculate the amount of GST is payable if Bob uses the margin scheme?

b)      Identify any formal requirements or the need for the agreement to use the margin scheme to be in writing?