2017/18 Annual Report
The main focus of the General Conditions for the Sale of Land Committee’s work in 2017/18 was the full review of the Joint Form of General Conditions for the Sale of Land (Joint Form) to produce an updated 2018 revision. The 2018 revision incorporated the Foreign Residents Withholding Annexure and the Electronic Conveyancing Annexure and included a number of amendments to update the form including:
- provisions to address the changes to the Sale of Land Act 1970;
- updates to the provisions dealing with encumbrances;
- provisions dealing with the Personal Property Securities Act 2009;
- provisions dealing with electronic conveyancing;
- 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
- provisions to allow service of notices by email.
The 2018 revision of the Joint Form was approved by the Law Society and the Real Estate Institute of Western Australia in October 2017 and released in February 2018.
In addition, the Committee produced an Annexure to deal with the Federal Government’s implementation of the new residential premises buyer GST withholding regime effective from 1 July 2018. This regime requires a buyer of new residential premises to withhold the GST otherwise payable by the seller to the ATO and pay that amount directly to the ATO, or for the buyer to provide the seller with a bank cheque for that amount payable to the ATO. The Annexure was approved by the Law Society and the Real Estate Institute of Western Australia in June 2018. It is proposed
that the provisions included in the Annexure will be included in the next revision of the Joint Form.
For more information about this committee please email General Manager, Advocacy – Mary Woodford, email@example.com