2015/16 Annual Report
The main focus of the General Conditions for the Sale of Land Committee’s work in 2016/17 was the full review of the Joint Form of General Conditions for the Sale of Land (Joint Form). The aim of the Committee is to produce a revised version of the Joint Form to be published by December 2017. The main amendments are related to:
- including provisions to address the changes to the Sale of Land Act;
- updates to the provisions dealing with encumbrances;
- including provisions dealing with the Personal Property Security Act;
- including provisions dealing with electronic conveyancing;
- including provisions dealing with the CGT withholding tax regime;
- updates to the provisions dealing with duty;
- changes to the provisions dealing with the buyer’s right and time to inspect;
- changes to the provisions dealing with the seller’s warranties; and
- including provisions to allow service of notices by email.
The only amendment to the Joint Form during the reporting period related to the Federal Government’s announcement of changes to the foreign resident capital gains withholding regime. The changes now mean that the regime applies to contracts entered into on or after 1 July 2017 for real property disposals where the contract price is $750,000 and above (previously $2 million) and that the withhold tax rates is now 12.5% of the purchase price (previously 10%). The amendments were approved by the Law Society and the Real Estate Institute of Western Australia in June 2017.
For more information about this committee please email General Manager, Advocacy – Mary Woodford, email@example.com