11 Jul Changes to identification processes
This year the OSR (Office of State Revenue) introduced a new form that is required to be completed by all purchasers that enter a property transaction on or after the 21st June 2016.
The OSR introduced the form to aid in determining whether a transaction is a transfer to a foreign person, and to identify foreign persons that may be surcharged for land tax. The form is also used as a way for the ATO (Australian Taxation Office) to collect information on property transactions in NSW.
In May 2016, the LPI began transitioning new verification of identity (VOI) requirements in to the rules of conveyancing. The VOI requirements are standard to all conveyancing transactions and are used in both paper and electronic matters.
The reason the LPI introduced these new ID requirements is to mitigate fraud and protect consumers. It also creates a level of consistency in nationwide paper and electronic conveyancing matters.
The forms of identification required are:
- Birth certificate or Australian passport
- Evidence of citizenship
- Driver’s license
- Medicare card and bank carD
All required documents and forms will be provided by our office.