BSB60220 Advanced Diploma of Conveyancing Assessment Questions

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Summary and Purpose of Assessment

There are two (2) assessment tasks you need to complete for this unit.  This assessment task is one (1) of the two (2) required to demonstrate competency for this unit. To be competent in this unit, you must complete both (2) assessment tasks satisfactorily.

The purpose of this assessment is to assess your skills and knowledge required to research and identify tax obligations for a conveyancing transaction within a range of contexts and environments. It encompasses identifying and applying statutory interpretation techniques, identifying and tracking changes to relevant legislation and codes of conduct, maintaining appropriate records, using online platforms to calculate and pay tax, and complying with reporting obligations.

 

This assessment task has two (2) parts:

Part A – Conduct Research

Part B – Work on three files

 

Part A – Conduct Research

For this part of this assessment you will need to conduct research relevant to tax obligations within the conveyancing industry.

There are a variety of research strategies that can be used such as:

• document the steps you took to research
• using a concept map
• using a flow chart

The strategy must include:

• both state and federal tax obligations that apply to conveyancing transactions
• must ensure access to the latest information available
• Relevant specialists must be licenced / registered such as a CPA or CBA
• Relevant specialists must be authorised to act such as a person with enduring power of attorney

Question 1

Research the following two tax obligations:

1. Land (stamp) duty – assume that the transfer is to parties that are not related
2. Land Tax Obligations

Document your research findings in the Research Template (see Appendix 1). Complete one template for each tax obligation.

Question 2

Briefly explain your research strategy (50 – 75 words)

 

Part B – Work on three (3) files

Instructions:

You are required to work on three files. For each of the files you will complete six separate activities that include; writing a brief memo to your supervisor, assessing tax obligations and compliance matters, referring to expert advice, communicating your findings to your client, completing the transaction and archiving the file.

Two of the files to complete this assessment relate to the following two tax obligations:

• File 1: Land transfer (stamp) duty
• File 2: Land tax

 

FILE 1:  LAND TRANFER (STAMP) DUTY

TO:    Student FROM:  S Supervisor RE:      Land transfer (Stamp) duty matter – Jones to Smith Pty:     Unit 2/543 Green Street, Richmond We are acting on behalf of Angeline Smith in her recent property purchase. She has decided to downsize and found an existing apartment.  I have attached the contract of sale particulars for File 1 in Appendix 2 so you should have all the details to answer her enquires and assess the amount of stamp duty that is required to be paid. She intends to live at the property as her primary residence. Angeline advised that she is not a foreign resident and told us that she is will continue to live on her own at the new property Please attend to the matters below. Any questions let me know. Sally

Question 1

1. Prepare a brief memo to your supervisor with the details of the parties involved in the transaction. Include details of names and address of all parties involved in the matter. (approximately 75 words)
2. Create a file note opening the matter including details of your client and a few dot points regarding the matter. (use the File Note template – see Appendix 3)

Question 2

Refer to the client file 1 to complete the following enquiries:

1. a) Determine if there are any reduction schemes, exemptions or concessions available for your client.
2. b) Using the SRO online Land transfer (stamp) duty calculator, calculate the amount of land duty payable.
3. c) Explain when the duty is to be paid.

Question 3 – Role Play (Conveyancer meeting with Legal Advisor)

Your client has asked you to provide advice in relation to potentially purchasing the unit next door from the same vendor.  You need to find out what aggregation of duty is and what triggers a linked transaction.  You are not familiar with these two transactions and need to perform research and discuss your research with an expert (legal advisor), including seeking advice from the legal advisor to assist you with understanding what they are before advising your client.

To complete this task, you will need to have a role play with your teacher.  You will be the Conveyancer and your teacher will be the legal advisor.  You are to make a time with your teacher in class time to be able to complete this role play.

To be prepared for the meeting you are to research two (2) transaction types listed below and be prepared to discuss your research with the legal advisor.  In addition, you will need to be prepared with two (2) questions to ask and discuss with the legal advisor.

Research the following transactions and document your findings:

1. Aggregation of duty
2. What triggers a linked transaction?
3. Prepare two relevant facts to discuss with your expert.

Question 4 – Role Play (Conveyancer meeting with Client)

You are to meet with your client to explain your findings with the client and provide the relevant advice. You will need to briefly describe the process you followed in arriving at your assessment noting any applicable exemptions or concessions.

To complete this task, you will need to participate in a role play.  Each student will need to play the role of the Conveyancer.  This role play will be observed by your assessor.

To do this you will work in groups of two (2).  One student will play the role of the Conveyancer and the other will play the role of the client.

The Conveyancer is to be prepared for the meeting by referring to the notes taken when you met with your legal adviser.

You are to clearly explain the following to your client:

1. Aggregation of duty.
2. What triggers a linked transaction?

Summarise and ask if they have understood or have any further questions.

The client will actively listen and ask the conveyancing one (1) question on each topic.

Question 5

Settlement has taken place for the client’s new property transaction and the relevant duty was paid via Duties Online. When the duties were calculated, the fact that she is a pensioner was not included. The client has now asked for the stamp duty to be refunded. You will need to do the following:

1. Go to the SRO Pensioner Duty Exemption or Concession Calculator and calculate the correct amount of stamp duty that was required to be paid.
2. You are required to complete a Form 63 Duties Refund. Refer to Appendix 5, you will complete the details in the appendix to simulate completing an online duty refund form. Ensure you complete all relevant fields to simulate completing an online form and submit a completed Form 63 Duties Refund with your assessment.

Question 6

To finalise and archive your records, complete a file note (use the File Note template – see Appendix 3) for the client with the following:

1. the forms that you have prepared/completed/ lodged
2. note of any missing information that is required to progress the lodging of the form e.g.: bank detail
3. note what payments have been made or withheld if applicable

 

FILE 2: LAND TAX OBLIGATIONS

TO:                         Student FROM:                   S. Supervisor MATTER  1:           Rosa Bianchi – Land taxation assessment One of our clients, Rosa Bianchi who owns a number of properties, is concerned about land tax and what amount she will need to pay. She has asked us to provide her advice in relation to her land tax obligations. Look at the matter and assist with identifying if any land tax will be payable. ·         Her mobile is 0433 639 142 and email rbianchi@gmail.com if you need to contact her. Date of birth 11/07/1966 She owns the following properties: ·         A working farm in Seymour that she jointly owns with her brother Luca. Its land value land value $2,750,000.00 ·         A moderate house at 16 Wines Road, Rutherglen worth $980,000 where she lives with her daughter. ·         A holiday house 40 View Drive, Portsea that is currently leased at $900 a week to a family for 2 years. Its land value is $1,860,000.00 Our office will be acting for Rosa in her property matters. Any questions let me know. S. Supervisor

Question 1

1. Prepare a brief memo to your supervisor with the details of the parties involved in the transaction. Include any details of names and address details of all parties involved in the matter. (75 words)
2. Create a file note opening the matter including details of your client and a few dot points regarding the matter. (use the File Note template – see Appendix 3)

Question 2

For file 2, you are to refer to your research on how to assess if the client is to pay land tax.

Your client has sought your advice, so you need to prepare a brief response to the following enquiries:

1. Briefly explain what land tax is and what is taxable value.
2. Identify on what properties the client will need to pay land tax. Which, if any, properties would be exempt from land tax and why/why not?
3. Using the online tools, calculate the land tax payable on her taxable properties. https://www.sro.vic.gov.au/calculators/land-tax-calculator and https://www.e-business.sro.vic.gov.au/calculators/land-tax.
4. If we are assessed to pay land tax and don’t pay it on time, are there any penalties? How will the payment be recovered if it is not paid?

Question 3 -Role Play (Conveyancer meeting with Accountant)

Your client has asked us to provide advice in relation to unpaid land tax owing on the property at settlement.  You need to discuss the following queries with an accountant (your teacher) and prior to doing this, watch the video here https://www.sro.vic.gov.au/videos/hot-topic-how-do-i-remove-land-tax-charge.

To complete this task, you will need to have a role play with your teacher.  You will be the Conveyancer and your teacher will be the accountant.  You are to make a time with your teacher in class time to be able to complete this role play.

To be prepared for the meeting you must research the three (3) questions below your client has asked to discuss with the accountant at the meeting.

1. Prior to settlement, how do you know if there is land tax is owing on the property?
2. What is a first charge and once a property has settled who will be responsible to pay the charge if the charge was not paid at or before settlement? Refer to the relevant legislative provision.
3. How do you remove a land tax statutory charge from title so that settlement can proceed?

Question 4 – Role Play (Conveyancer meeting with Client)

You are to meet with your client to explain your findings to the client and provide the relevant advice. You are now required to communicate your findings to the client and advise what tax obligations are to be paid/withheld. You will need to briefly describe the process you followed in arriving at your determination for each of the relevant obligations. If there are tax obligations that will not apply, provide a short explanation of why they are not applicable to your client’s property transaction.

To complete this task, you will need to participate in a role play.  Each student will need to play the role of the Conveyancer.  This role play will be observed by your assessor.

To do this you will work in groups of two (2).  One student will play the role of the Conveyancer and the other will play the role of the client.

The Conveyancer is to be prepared for the meeting you are to refer to the notes taken when you met with your legal adviser.

You are to explain clearly explain the following to your client.

1. Prior to settlement, how do you know if there is land tax is owing on the property
2. Explain what a first charge is and once a property has settled who will be responsible to pay the charge if the charge was not paid at or before settlement. Refer to the relevant legislative provision.
3. How do you remove a land tax statutory charge from title so that settlement can proceed?
4. Respond to the client’s questions

Summarise and ask if they have understood or have any further questions.

The client will actively listen and ask the conveyancing one (1) question on each topic.

Question 5

The client advises that they have recently purchased another property which is due to settle in 1 month. As she intends to purchase the property on behalf of a discretionary trust, she will need to notify the SRO as the land tax implications are higher than the general land tax rate.

You will need to do the following:

1. Using the details in the box below you are to simulate completing a LTX-Trust-08 – Notice of trust acquisition of an interest in land. Refer to Appendix 6, you will complete the details in the appendix to simulate completing an online notice of trust acquisition of an interest in land. Ensure you complete all relevant fields to simulate completing an online form and submit a completed LTX-Trust-08 – Notice of trust acquisition of an interest in land with your assessment.

Matter 2: Recent property transaction: ·         An investment apartment in Docklands, Melbourne that she purchased as trustee for the Bianchi Discretionary Trust. Have most of Rosa’s detail on file already and below are further details if needed for her recent purchase: ·         name of trustee – Rosa Bianchi ·         name listed on title – Rosa Bianchi ·         name of trust – Bianchi Discretionary Trust ·         the current mailing address for the trust – Rosa’s address above ·         Australian Business Number (ABN) of the trust – 26 007 11 22 33 ·         Share of the land that the trust acquired (as a percentage) – 100% ·         Details of the transferor (seller) Trevor McGee ·         Details of the land acquired: New property address is 12 Riverview Road, Docklands Vic XXX ·         Property details – volume 12345, folio 123, lot 33 and plan number is 945672. ·         The actual transfer/settlement date is in one month Our office will be acting for Rosa in all her property matters.

 

1. c) Save a copy ready to lodge with the appropriate authority (Print a copy of the partially completed/completed form and upload with your submission.) – To simulate lodgement, attach a copy of this form when you submit your assessment.

Question 6

To finalise and archive your records complete file note (use the File Note template – see Appendix 3) for the client with the following:

• the forms that you have prepared/completed/ lodged
• note what payments have been made or withheld if applicable

 

FILE 3 FOREIGN RESIDENT CAPITAL GAINS TAX

For this file you will need to refer to the particulars of the sale of contract for File 3 (see Appendix 4)

Question 1

1. Prepare a brief memo to your supervisor with the details of the parties involved in the transaction. Include any details of names and address details of all parties involved in the matter. (75 words)
2. Create a file note opening the matter including details of your client and a few dot points regarding the matter. (use the File Note template – see Appendix 3).

Question2

Refer to the client file 3 to complete the following enquiries:

1. Identify and briefly explain if this asset will attract FRCGW and refer to excluded transactions
2. Identify three (3) criteria that would consider the vendor a foreign resident
3. Explain what a foreign resident needs to provide to avoid any withholding payments from the sale price at settlement

Question 3 – Role Play (Conveyancer with Legal Advisor)

Your client has asked us to provide advice about the vendor applying for a variation to the amount to be withheld. You need to discuss this with and expert.  You contact and legal expert (your teacher).

To complete this task, you will need to have a role play with your teacher. You will be the Conveyancer and your teacher will be the legal advisor. You are to make a time with your teacher in class time to be able to complete this role play.

To be prepared for the meeting you are to research two (2) transaction types listed below to discuss in the meeting. In addition, you will need to be prepared with two (2) questions to ask and discuss with the legal advisor.

1. Can the amount to be withheld be varied and if so, by who?
2. Explain how to apply for a variation.

Question 4 – Role Play (Conveyancer meeting with Client)

You are to meet with your client to explain your findings with the client and provide the relevant advice about the vendor applying for a variation to the amount to be withheld.

To complete this task, you will need to participate in a role play. Each student will need to play the role of the Conveyancer.  This role play will be observed by your assessor.

To do this you will work in groups of two (2). One student will play the role of the Conveyancer and the other will play the role of the client.

The Conveyancer is to be prepared for the meeting you are to refer to the notes taken when you met with your legal adviser.

You are to explain clearly explain the following to your client.

1. Can the amount to be withheld be varied and if so, by who
2. Explain how to apply for a variation
3. Discuss what is needed for a variation notice to be valid.

Summarise and ask if they have understood or have any further questions.

The client will actively listen and ask the conveyancing one (1) question on each topic.

Question 5

Settlement for your client’s property is approaching and you are required to withhold funds due to the vendor being a foreign resident. You are required to do the following:

1. State the current withholding tax rate for FRCGT
2. Calculate the amount that the purchaser needs to withhold at settlement
3. Identify the relevant withholding payment notification form
4. Using the details contained in the contract you are to simulate completing a Foreign Resident Capital Gains Withholding Purchaser Payment Notification. Refer to Appendix 7, you will complete the details in the appendix to simulate completing an online Purchaser Payment Notification. Ensure you complete all relevant fields to simulate completing an online form and submit a completed Purchaser Payment Notification with your assessment.

Question 6

To finalise and archive your records complete file note (use the File Note template – see Appendix 3) for the client with the following:

• the forms that you have prepared/completed/ lodged
• note what payments have been made or withheld if applicable