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Thursday
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Hi Dee06, The Digital Duties Form has been designed to follow the common flow of a property purchase from vendor to purchaser. The business rules to engage the vendors representative commence the form was based based on extensive industry feedback from AIC and LIV stakeholders. Like many new processes in the e-conveyancing space, changes to old paper based processes are required and I understand that thought is being given to amend the special conditions in a contract to shorten the time requirement pre settlement for vendors reps to complete their elements of the process. Hope this is of assistance.
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2 weeks ago
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The Duties Digital Form is now live and has removed the need for 17 high use Duties paper forms. With its introduction duplicated data entry into paper forms, manual signing, postal and settlement booking delays, and settlement failures have been removed or lessened. A significant slashing of Red Tape. Im sure you will agree this has been a major positive step into the Digital environment for a once heavily paper reliant industry. Like any change , there will be gradual improvements to process which will evolve as the users identify opportunities. The system currently pre populates some of the data elements across to Duties Online, and in future builds greater pre population enabled. The overriding positive being that many paper forms per transfer now don't need to be filled in manually. There are various reasons why the PEXA platform and the data set captured in the Duties Digital form could not be aligned as at 1 July. The tight timeframes for capture of and the sensitivity of immigration data, along with the gradual electronic take up of PEXA being the main initial constraints. Again, the future should see all aligned.
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02-02-2017
09:59 PM
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Hi Sjdlaw, You are correct. Duties Online registered organisations are able to store documents for the transfer electronically on the proviso that all images are visible and clear. These can be provided electronically in the case of compliance. audits. The SRO has commenced the design of an online portal to allow capture of relevant transaction data, which would populate into DOL to allow the assessment of duty. Paper based forms and the duplication associated with them would then be made redundant. Hope this helps.
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02-02-2017
09:51 PM
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Those of you who have enjoyed the joys of an end to end property transfer settlement through PEXA will be well aware of the incredible efficiency, and time savings created through the electronic financial disbursement of funds with the click of a button! Why then are manual settlements still acceptable and why do we tolerate the inefficiencies of cheque payment and paper exchange in property settlements? We are in the digital era where we expect instant response times, accessibility, control of data and finance and are not constrained by office locations. Cheque payments are error prone, get lost, bounce, are administratively labour intensive, and take days and days for access to cleared funds! It appears that the purchasers via conveyancers and lawyers should be demanding a PEXA settlement, or at the very least attempting to create a change of behaviour in the industry and demand that settlement disbursements (stamp duty, registration fees, utilities, rates etc) from the lender are paid electronically. Until greater awareness and movement to change is created, the old manual time wasting exchange of paper and cheques will continue.
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02-02-2017
09:11 PM
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Bank requirements are not intrinsically linked to SRO process in anyway. Practice and requirements for provision of forms such as the transfer of land will likely vary between various lenders. The bank will be looking for confirmation that the duty assessed and assessment details match the property being transferred, stated transferor / transferee. All transfers including those completed in PEXA are certified and assessed for duty through the SROs Duties Online system. The data for this is mostly sourced from SRO forms. In terms of SRO paper based forms, the SRO is developing an online portal will aim to capture all required transaction data. This will remove the need for paper forms and duplication of property data entry across multiple forms.
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23-01-2017
10:39 PM
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Hi Peter, Thanks for for your contribution on this subject. The State Revenue Office (SRO) is required to determine the duty payable by a purchaser of Land in Victoria. The assessment and payment of land transfer (stamp) duty by the purchaser then allows settlement, lodgement and registration to proceed smoothly. The purpose of Duties form 2 which is the Goods Statuatory Declaration is to assist the SRO in determining the duty payable on the sale of land or land use entitlement, and all goods whether included or excluded from the contract price which form substantially one arrangement. The good statement is an affirmation that the data pertaining to the transfer is true and correct. This statement can be used in compliance activity. Pleasingly, the SRO is reviewing the Goods Statutory Declaration and the legislative need for wet signatures on this document so that it might be suitable for consideration as a electronic document.
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23-01-2017
10:28 PM
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Excitingly the State Revenue Office is in the process of implementing a project to move the completion of SRO forms online via a single vendor and purchaser portal. Paper based Duties forms will be archived and no longer used. More information and detail to following in coming months.
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14-11-2016
09:49 PM
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Embracing change always comes with a difficult first step into the unknown. If the role of the conveyancer is no longer to gather and assist vendor and purchasers to complete the various authority forms (which is my understanding of what is being suggested above?) , then the value that can be provided by a conveyancer may need to be reassessed. A better way to look at this evolution to e-conveyancing is create savings by removing or lessening the administrative costs of paper based forms. This can be achieved by a change such as online or smart forms which would pre-populate the authority databases and reduce the burden created by endless paper forms. This change would again be shared responsibility by all parties. My view would be that PEXA and the e-conveyancing process provides opportunity for competitive advantage, the creation of process efficiency and potentially a greater profit margin for practitioners who operate electronically.
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28-10-2016
02:54 PM
5 Likes
Bgoodwin I think you have absolutely hit the nail on the head. The additional red tape, cost and loss of productivity associated with chasing up and exchanging the various settlement cheques is a burden which customers and practitioners need not incur any longer. Electronic settlement and and exchange of funds is clearly the ' new standard process' for payment at settlement. Security, access to funds same day, and efficiency are all benefits. We all look forward to seeing many more transactions pass through PEXA in e-conveyancing.
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31-08-2016
10:10 PM
2 Likes
Amy's response above in regards to the purchaser (representative) in PEXA needing to obtain and sight the original goods statement prior to settlement is correct. The LIV special condition in the contracts suggests 7 days. In the same way as is expected in Duties Online the obligation is that all supporting documentary evidence required to allow an assessment of duty is on hand for settlement to proceed. Duties Online registered organisations are required to store or retain access to transaction documents for up to 5 years. Post-settlement these documents can be kept in paper form or stored electronically provided they remain in a legible format and all signatures are visible. If requested via audit then original docs (including Goods Statement) , or an electronic scanned/emailed copy will be required to be sent.
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31-08-2016
09:44 PM
2 Likes
It has been a really positive experience to catch-up with regional practitioners so far across the State. The full benefits off transferring property in an e-conveyancing environment is clearly evident for regional areas. Removing those previous geographic barriers caused by distance.
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23-08-2016
04:57 PM
4 Likes
No - cheques are not a payment method which is accepted in PEXA or the e-conveyancing environment. Funds are dispersed electronically. My question or point was how can we move more people to participate and transfer electronically? What are the barriers (if any) which are preventing participation and a prevalence to rely on settlement with a cheque payment?
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22-08-2016
04:56 PM
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Hi Andrew, Thanks for the further clarification. This process improvement (adding the BPAY details to the stand alone Land Tax Clearance certificate) is currently being further explored as a change by PEXA and the SRO. Stay tuned for further developments.
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22-08-2016
04:37 PM
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Hi Andrew, In relation to your question, all Land Tax Assessments can be paid electronically via BPAY, EFT and Credit Card. In addition land tax assessments can also be paid online via BPAYView. These details are found on the Land tax Assessment Notice for the relevant year. The SRO website www.sro.vic.gov.au also details the payment options available.
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22-08-2016
04:23 PM
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I would be interested in the thoughts of 'the Community' on why in some circles conveyancing remains heavily tied to manual paper cheques ? Cheques are at odds with e-conveyancing, prone to risks, delays and settlement failure. How can we remove this as a 'barrier' to e-conveyancing and the realise the full benefits of operating fully in an online workspace?
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27-07-2016
01:31 PM
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Hi MN, My view would be, the essentially the cost of conveyancing (like other industries) is a competitve market which will respond to market costs. If 'ABC Conveyancing' can offer a superior service at a reduced rate then they can establish a dominant market presence. PEXA is a private company who sets its own fee structure. How the industry passes this on or absorbs costs is a business to business decision. I'm not sure that the Government has the control over the cost of conveyancing.
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