About AmandaKeenan

Hi All,   On Wednesday 9 October at 12.00 pm Paul Atkinson and I will be running a 1 hour webinar discussing how to get the most of your PEXA Experience including PEXA Core tips, PEXA Key and more.   The webinar is targeted to our more experienced PEXA Users,   Click here to register :-)   ... View more

Hi Community,   We often get asked whether you can complete transfer transactions through PEXA where the purchasing entity is a superannuation fund, and similarly where the superannuation fund is selling property. The answer in short is yes, however, there are some transactions that are out of scope which I’ve detailed below.   Superannuation fund purchasing property   A superannuation fund will purchase property through: its trustee, if purchasing using funds of the superannuation fund; or a bare trustee, if the superannuation fund is borrowing money to fund the purchase.   In NSW you cannot currently note the trustee relationship on title in paper or electronic settlements. The transfer and the title must only be in the name of the trustee or the bare trustee. Please see the NSW Registrar Generals’ Guidelines in relation to this.      To complete the transaction in PEXA, set up the workspace as a normal incoming proprietor workspace. Please see the Help Centre on PEXA’s Community forum for the step-by-step process.   When setting up your client, their name will be the name of the trustee/s or the bare trustee/s, with no reference to the superannuation fund or the capacity as trustee. This will then mean that the transfer will be in the name of the trustee/s or the bare trustee/s only.   You should not set the name of your participant up as, for example, ABC Pty Ltd as trustee for the ABC Superannuation Fund.   You will need to ensure that you retain the appropriate statutory evidence in paper (including but not limited to a correctly referenced purchaser and capacity on the contract) to show the trustee relationship and who the true purchasing entity is for auditing and statutory compliance purposes.   Funding the purchase   As you would do in a normal PEXA settlement, source funds can be contributed to a Workspace by a financial institution providing loan proceeds, through your firm’s trust account or the PEXA source account (purchaser’s equity), or a combination of borrowed funds and purchasers’ equity.   Again, you would need to ensure that you follow all statutory requirements and retain the correct evidence for auditing purposes and ensuring compliance. You may need to work with the superannuation funds’ accountant in this regard also.   Superannuation Funds selling property   The same circumstances apply as above. The workspace is set up as you would set up a normal proprietor on title workspace. See the Help Centre on PEXA’s Community forum for step-by-step processes.   You would then complete the transaction the same as any other proprietor on title workspace.   Out of Scope   There are some transactions involving superannuation funds that are out of scope. For example, you cannot currently complete a transaction in PEXA where the superannuation fund has paid out the loan funds to the financial institution and is now transferring the property from the bare trustee back to the superannuation fund trustee.   We are advised by Revenue NSW that these transactions are stamped pursuant to Section 62 of the Duties Act NSW 1997, and when the stamp duty reference is input in the PEXA workspace, an unsuccessful result will be returned.   We continue to work with Revenue NSW and the Office of the Registrar General NSW to understand what can and cannot be completed electronically. Until such time as we can provide a comprehensive list of superannuation fund transactions that are out of scope, please reach out to your PEXA Direct Specialist or email teamnsw@pexa.com.au if you have any enquiries about this matter.    Please note, this information is to assist in relation to completing electronic transactions involving superannuation funds in New South Wales, but not to provide advice regarding any statutory or other requirements for superannuation funds purchasing or selling property.   Regards   Amanda Keenan   ... View more

I have had the pleasure of working with the people and firms below over the last year. They have all been great advocates of PEXA, adapting their business processes and providing peer to peer support to their colleagues. Congratulations to you all for completing the new PEXA Certified Modules, and to your firms for graduating from the PEXA Certified program.   @michellelogan and Toni Hattenfels of Coastwide Conveyancing in Shellharbour @Leilany6 and Hope Toole of DGB Lawyers in Wollongong  @GeorgeBlackwell @LynneRobinson @NicoleL of Blackwell Short Lawyers in Orange @BellConveyancing2795 Kristy Bell of Bell Conveyancing in Bathurst @JoanneBelfanti @Sharla of City and Country Conveyancing in Bathurst ... View more

It was great to catch up with our members from Orange and the surrounding suburbs last week at the Roadshow. Lots of great feedback and questions regarding the next steps in the industry's transition to 100 percent digital.     Congratulations to @dkillen @JacquiMeades @jennie and Melissa Bestwick of Killen & Associates Bathurst who were awarded their graduation trophy at the roadshow and are now PEXA Certified.   My colleagues @GeorgePolus, @Karen and I also enjoyed a dinner with @AnthonyShort @GeorgeBlackwell @WelburyMoyers and  @GeraldineSutton from Blackwell Short Lawyers and Sandra Kelly, from Sandra Kelly Conveyancing. Thanks for the great company.   George Polus of PEXA presenting Jennie and Melissa of Killen & Associates with their trophy DuntryLeagues, venue for the Orange Roadshow ... View more

We had a great turn out at the Wollongong Roadshow on the 6th of March at Villa D'oro. Members from the Wollongong Region together with Members from Nowra, Helensburgh, the Southern Highlands and Campbelltown attended. It was great to see peer to peer support occurring, with many people who often transact with each other having the chance to meet in person.   Information was provided by PEXA,  ORG,  Revenue NSW, Stewart Title and Cybersecurity. Our panel members at the end were also able to provide the attendees with insight regarding their use of PEXA and also to answer any questions. We would like to thank Paul Ell of RMB Lawyers who drove up from Nowra to be on the panel, @Sally_Field of Carter Ferguson who was asked to fill in for a panel member with little notice, and graciously agreed without hesitation, and Joanne Seddon of IMB who provided her knowledge from a Financial Institution's perspective.   All in all it was a great day. ... View more

Congratulations to the team at RMB Galland Elder Lawyers - Goulburn and in particular @jennyw, @sharonl, @Leannea and Huw Edwards who completed their first development through PEXA.    I had the privilege of working with the lovely ladies from RMB while they were completing this development. Not only was it their first PEXA Development but they were acting in multiple roles, and it was the first time that Jenny and Sharon had ever used PEXA, while Leanne had only limited previous use. Despite this, they jumped in without hesitation and worked wonderfully together to ensure that the development settled smoothly.   It is a testament to your team that you all embraced PEXA and the training to ensure such a wonderful result and I look forward to working with you all further.       ... View more