Are you aware of the new identification requirements that took effect back in May 2016? Here's a quick guide to what you need to know.
As your Solicitor/Conveyancer we are required to verify the identity of our clients and to make sure that you have the authority to deal with the property. This being the case, you will be required to produce at least 100 points of identification from the following:
70 points
- Birth Certificate
- Citizenship Certificate
- Current Australian Passport
- Expired Australian Passport which has not been cancelled and was current within the preceding two years
- Current Passport from another country
40 points
- Current Australian Driver's Licence
- Current Photo/ID card
25 points
- Current credit card from a bank or building society or credit union
- Current telephone, gas, electricity bill
- Foreign Driver's Licence
- Medicare card
Not only are there new identification requirements, it is also now a legal requirement that all purchasers of a property sign a purchaser declaration. The purpose of this declaration is:
- to determine whether a transaction is a transfer of residential land to a foreign person;
- to identify foreign persons for surcharge land tax liability;
- to collect and report to the ATO, information on transfers of land in NSW.
Please note that if you are identified as a foreign person, you could incur surcharges in relation to stamp duty as well as land tax. The Office of State Revenue can provide you with more information in regards to his matter.
Do you need assistance with meeting the new identification requirements or completing a purchaser declaration? The team at Coutts Solicitors & Conveyancers can help.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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