Since implementation of electronic settlements cyber scams are continuously increasing. From the statistics available to us we know that insurance claims in the last years more than tripled, the average size of individual claims has grown by 40%, the state professional indemnity insurance facility made a loss for 4 consecutive years which led to professional indemnity insurance premiums increasing for almost 50%.
Email communications are vulnerable to hacking, scams and spear phishing attacks. Please always doubt if they are coming from a legitimate source and verify financial information by phone or in person.
Read the following news articles:
Australia's overheated property market has become a target for hackers and they are scamming millions
Gold Coast couple loses $250,000 house deposit in spear phishing scam
Aussie couple's loss exposes huge scam targeting property sales
Property settlement payment scam results in a $732,000 loss
For all Contracts entered into from 1 January 2025, all sellers must obtain a FRCGW clearance certificate or variation notification and supply it to the buyer prior to settlement. Without a clearance certificate, the purchaser must withhold up to 15% of the sale price for FRCGW purposes. To avoid any unnecessary payment of amounts or withholding on settlement, it is important that you discuss this with your conveyancer prior to selling.
The foreign resident capital gains withholding (FRCGW) rules are changing on 1 January 2025:
- the withholding rate will increase from 12.5% to 15%
- the $750,000 property value threshold will be removed and the withholding rules will apply to all property transfers.
For all real property transactions, all vendors are required to supply a valid clearance certificate from the Australian Taxation Office, or withholding will apply.
Without a valid clearance certificate at or before settlement, 15% of the market value of the property (typically the purchase price) or an ATO approved varied amount must be withheld by the purchaser and paid to the ATO at settlement.
The changes will apply to contracts entered on or after 1 January 2025.
Since August 2024 Victoria has scrapped paper titles and now all titles will be electronic with the conveyancing firm holding control over titles when there is no mortgagee involved. The title can be transferred at anytime post settlement to another firm or a mortgagee if mortgaging post settlement. It is now more important than ever to use a trustworthy conveyancing firm who will be holding control of your title post settlement, Anchor Conveyancing prides itself on being highly reliable with a track record of efficient communication. Please do not hesitate to contact us for all your conveyancing needs.
Whilst every effort has been made to present accurate information, Anchor Conveyancing makes no warranty as to the accuracy or currency of the content of this website and any articles or links. This website should be used as a guide only and must not be relied upon. You must seek professional advice before undertaking any course of action.
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