Data reporting for Purchasers in South Australia was mandatory from 1st September 2017 with Vendor reporting mandated to start 1st January 2018.
Recently Commonwealth reporting requirements were introduced by the ATO for Conveyancers & Legal Practitioners to report Data for every property transaction. The ATO proposes to use this data for information-matching and ensuring compliance with the taxation laws of the Commonwealth.
Conveyancers and practitioners are required to provide to the State the following data for each transaction related to a property sale:
The collection of this information will provide increased transparency into foreign investment and will provide the Federal Government with improved monitoring of compliance with the administration of Capital Gains Tax and other taxable events.
As we are required to conduct Verification of Identity checks prior to settlement, most of the information required will already be available to us. However we may be required to ask additional questions throughout settlement.
For more information you can speak with your file manager or contact Revenue SA on 08 8207 2333 or email revsupport@sa.gov.au. Revenue SA also have a frequently asked questions page that might answer your question which you can find here.
Conveyancing is the legal process of transferring the ownership (the rights, title and interest) of Real Estate Property from one legal entity to another. A conveyancer is required for both sides of a real estate transaction – buying and selling
At Eckermanns, we have the knowledge, systems and expertise that you’ll need as you prepare for the official transfer of your new place into your own name. We deal with Residential, Commercial, Leasing, Subdivisions, Family transfers, Deceased Estates and more. We keep you updated throughout the journey from the start until finish, liaising with all parties to ensure that everything happens as planned.
Eckermann Lawyers is an Adelaide-based boutique law firm renowned for providing service excellence across practice areas including:
• General Commercial
• Commerical Property
• Agribusiness
• Estate planning including, Wills, Advance Care Directives, Powers of Attorney, Contested Wills & Estate Disputes
• Hospitality & Licensing
• Franchising
In South Australia, it is a legal requirement (under Section 7 of the Land and Business (Sale and Conveyancing) Act 1994) when selling a property to disclose certain particulars relating to the purchaser’s land. This disclosure is called a Vendor’s Statement or Form 1.
Serving a Form 1 to a purchaser will activate the two clear business day cooling-off period when it is possible for purchaser to change their mind and “cool-off” on the contract in writing.
When buying at auction where there is no cooling off period. The Form 1 is required to be available for viewing for at least three working days prior to the day of the auction at the office of the real estate agency conducting the sale. The Form 1 must also be on display for 30 minutes prior to the start of the auction. It is a lengthy document and we recommend you ask your conveyancer to review the Form 1 for you.
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