YearAhead, YearinReview
KimberleyMartin,WMMLaw AlisonWiss,McMullenLawyersLegislation/PolicyUpdate
1.BanksandPowersofAttorneySTEPAustraliaPolicyandAdvocacy Committee,LawCouncilofAustraliaandotherprofessionalbodies.
Jointbodysubmissiononanissueaffectingmanypractitionersandtheirclientsin enforcingtheoperationsofpowerofattorneydocumentationwiththebank community.
Thoseproblemshaveincludedthebankrequiringtheincapacitatedadulttoattend thebranchandconfirmthattheyauthorisetheattorneytomakesuchtransactions orthebankrequiringmultipleattorneys(whenappointedjointly)toattendatthe samebranch,despitetheattorneyslivingindifferentpartsofthecountry. Ifyouhaveastorywhereyouoryourclientshaveencountereddifficultieswitha bankinginstitutionwhenendeavouringtoundertaketransactionsastheaccount providingthosestoriesviathefollowingform https://forms.gle/RZPXt13e97XnMYSh8.
Legislation/PolicyUpdate
2.BestPracticeGuidesfromLawCouncilofAustralia
TwobestpracticeguideswerelaunchedonWorldElderAbuseAwarenessDaybythe
Bestpracticeguideforlegalpractitionersinrelationtoelderfinancialabuse providesbestpracticemeasurestobeadoptedbylegalpractitionerstomitigate risksofelderfinancialabuse,andtoidentifyandrespondtoclientswhoare potentiallysubjecttosuchabuse.
Bestpracticeguideforlegalpractitionersonassessingmentalcapacity providesbestpracticeguidelinesforlegalpractitionersinrelationtothe preparationandexecutionofwillsandotheradvanceplanningdocuments.
Legislation/PolicyUpdate
3.UseofElectronicSignaturesandRemoteWitnessing
Alltemporarylegislationhaslapsed.Onlythefollowingjurisdictionshaveimplemented permanentprovisions:
CorporationsAct2001(Cth)
companydocuments(includingdeeds)tobesignedusingelectronicsignature (from23February2022)
noticesanddocumentscanbeprovidedelectronically,andmeetingscanbeheld virtuallyprovidedthegoverningdocumentexpresslyallows(from1April2022)
Victoria
wills,powersofattorney(includingenduringpowersofattorney),deeds, affidavitsandstatutorydeclarationscanbesignedandwitnessedusingelectronic signaturesandviaremotewitnessing
Legislation/PolicyUpdate
NewSouthWales
wills,powersofattorney(includingenduringpowersofattorney),deeds, agreements,enduringguardianshipappointments,affidavitsandstatutory declarationscanbesignedandwitnessedviaremotewitnessing
Queensland
generalpowersofattorneyforbusinesses,deeds,affidavits,statutory declarationsandparticularmortgagescanbesignedandwitnessedusing electronicsignaturesandviaremotewitnessing
Legislation/PolicyUpdate
4.GuardianshipandAdministrationAmendment(AdvanceCareDirectives) Act2021(Tas)
AdvancedCareDirectives
newform
currentlyfreetoregisterwithTASCAT InstrumentsAppointingEnduringGuardians
newdeclarationaboutAdvancedCareDirective
Legislation/PolicyUpdate
5.ForeignInvestorUpdates
TheTasmanianForeignInvestorLandTaxSurcharge(FILTS)isanadditional2%of landtax whichis: acquiredbyaforeignpersononorafter1July2022;or ownedbyacompanyortrustwhichbecomesforeignonorafter1July2022;and maybe,oriscapableof,beinglawfullyusedsolelyorprimarilyforresidential purposes.
TheTasmanianForeignInvestorDutySurcharge(FIDS)isanadditionalamountof dutychargedwhenresidentialorprimaryproductionpropertyisacquired(either directlyorindirectly)byaforeignperson.Thisincludesvacantlandwhichmaymeet thedefinitionofresidentialorprimaryproductionproperty.
8%ontheproportionofthedutiablevalueofresidentialpropertydirectlyor indirectlyacquiredbyaforeignperson;and
1.5%ontheproportionofthedutiablevalueofprimaryproductionproperty directlyorindirectlyacquiredbyaforeignperson.
Legislation/PolicyUpdate
TheobligationtoseekForeignInvestmentReviewBoard(FIRB)clearanceappliesto inAustraliaaswellascorporationsandtrustsinwhichindividualsnotordinarilyresident inAustraliaholdasubstantialinterest.
ForeignAcquisitionsandTakeoversAct1975(Cth)andForeignAcquisitionsand TakeoversRegulation2015(Cth).
TheActrequiresaforeignpersonwhoacquiresaninterestincertaintypesof Australianland(includingresidentialland)oraninterestincertaintypesofsecurities inentitiestonotifytheRegistrar.Penaltiesapplyforthosewhodonotcomply. From1January2021,anacquisitionofaninterestinsecurities,assets,atrust,or AustralianlandthatisacquiredbywillisnolongerexemptfromtheFIRBRegime. IfassetscaughtbytheFIRBRegimeareotherwisetopassintoatestamentary discretionarytrust(TDT)setupinaWill(ratherthandirectlytoabeneficiary)and future)includeanyonewhoisaforeignperson,thenthetrusteeoftheTDTwill automaticallybedeemedtobeaforeignpersonaswell.
Legislation/PolicyUpdate
6.IntergenerationalRuralTransferExemption
TheStateRevenueOfficehasreleasedanupdatedGuidelinefors225oftheDutiesAct 2001(Tas).
Thetransfereetrustmustbeincapableofremovingbeneficiaries.
SeeupdatedGuidelinehttps://www.sro.tas.gov.au/property-transferduties/concessions-exemptions/intergenerational-rural-transfer-exemption
Legislation/PolicyUpdate
6.GuardianshipandAdministrationAmendmentBill2023(5of2023)
Proposedamendmentsinclude:
updateapproachestotheappointmentofguardiansandadministratorsbythe TASCAT
applyaframeworkfordeterminingdecision-makingabilitytothewholeofthe GuardianshipAct
insertrequirementstoprovidepersonswithimpaireddecision-makingabilitywith accesstothesupportnecessarytoenablethepersontoasfarasispracticable makeandparticipateindecisionsandpromotetheirowndecision-makingability
relationtopeoplewithimpaireddecision-makingabilityandpreferences-ofapersonwithimpaireddecision-making providesubstitutedecision-makersshouldonlyoverridethewishesand preferencesofpersonsinnarrowcircumstances,includingpreventingserious harm
Legislation/PolicyUpdate
providenewobjectsandprinciples,includingapplyingtheprinciplesofthe UnitedNationsConventionontheRightsofPeoplewithDisabilities removethecriteriaofdisabilityasastand-alonetestofimpairment providefortheregulationofhealthandmedicalresearchincircumstanceswhere apersonhasimpaireddecision-makingabilityandisunabletogiveorrefuse consent,suchasclinicaltrialsthataresubjecttonationalethicalresearch guidelines,inordertoallowaccessbythisgrouptothebenefitsofparticipating intrials
provideforcircumstanceswhereprotectedinformationcanbedisclosed, includingwhereapersonconsentstotheirinformationbeingpublished amendconflictofinterestprovisionswhichcancurrentlypreventclosefamily membersfrombeingappointedasprivateguardiansoradministrators amendstandingprovisionsandappealprocedures
insertrequirementsinrelationtotheresolutionofdisputesandthehandlingof complaints