PEXA is pleased to present the next release of the PEXA System, Release 7.0.1, scheduled for business go live Monday 4 December November.
Secondary Lodgement Verification is available for WA, SA and QLD in this release (VIC and NSW are planned for Release 7.1)
Until now, PEXA has required a successful Lodgement Verification to be performed against each Document in the Lodgement Case in order to progress the Lodgement Case Status to ‘Ready’. When there is an unexpected outage with the land titles office, PEXA is currently unable to progress any Lodgement Case Statuses to ‘Ready’ as a successful Lodgement Verification Result has not been received, resulting in documents remaining in ‘Verifying’ status:
Any outages with the Land Registry when final signatures are applied to documents on the day of financial settlement will stop these Workspaces from reaching ‘Ready’ status until such time that the Land Registry’s systems are available once again.
To mitigate issues when a Land Registry is unavailable and a final signature is applied on the day of settlement, PEXA will now perform a Secondary Lodgement Verification on each Document in the Lodgement Case.
Once PEXA determines that communications could not be established with the Land Titles Office, the new feature will allow a Lodgement Case to progress to ‘Ready’ where:
The latest Lodgement Verification Result is successful for each Document in the Lodgement Case, and
No Document data has changed since that last Lodgement Verification was performed.
Additional fields added to the Financial Operations Report
(available for Financial Institution members with management reporting permissions)
The following fields have been appended to the end of both the Settlement Payment Forecast Financial Operations Report and Settlement Payment Historical Financial Operations Report:
Settlement Status, and
Category (SOURCE for sources, DISBURSEMENT for Destinations)
Display the new Adjustments and Payments view in the Financial Settlement Schedule
After this release, you'll now have the option to change your view of the Destinations tab in the Financial Settlement Schedule. By switching to theAdjustments and Payments view, you’ll be able to add and edit adjustments with the help of a handy Statement of Settlement calculator to save you time and effort.
From this tab, you’ll still be able to add destination line items but you’ll see these separated by Workspace role – all line items will be visible, including those entered by Financial Institutions.
To find out how to switch to theAdjustments and Payments view, read our ‘how to’ guidehere.
Improved look and feel of email notifications
Following feedback from the Community, we’ve improved the look and feel of the email notifications you receive from the platform. Email notifications will now be branded with the PEXA logo in the header and footer. Key information should also be easier to read.
Pay foreign resident capital gains withholding payments via PEXA
We’re making it easier for foreign resident capital gains withholding payments to be made to the Australian Taxation Office (ATO) via PEXA. When adding a destination line item in the Financial Settlement Schedule, you will have the ability to select foreign resident capital gains withholding as a category. The ATO account details will be prepopulated to save you time. Note: You will still need to enter the correctpayment reference numberprovided by the ATO.
Displaying the Adjustments and Payments view in the Financial Settlement Schedule (added to release notes 30 Nov, 2017)