Article 1: AICNSW Stakeholder Engagement Update 

AICNSW regularly attends Stakeholder update sessions with various government departments.

Details on the most recent sessions with NSW Treasury and ORG / NSWLRS can be found here.

Article 2: Real Property Amendment (Certificates of Title Bill 2020) 

ORG has released the draft exposure Bill for public consultation

The purpose of the Bill is to allow for 100% electronic lodgment of land transactions and move away from paper-based processes including the abolition of paper titles.

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Article 3: Land Tax discount for Build to Rent 

The NSW Government is introducing a land tax discount for new build-to-rent housing projects until 2040 and a new Housing Diversity SEPP to provide more housing options, greater surety for renters, boost construction and support jobs during the COVID-19 recovery.

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Article 4: Trust Account Audit 

Fair Trading have advised that the Auditor’s Report Online portal is now closed for the 2019/20 audit period. The portal will be temporarily re-opened between 15 February and 31 March 2021 for late submissions.

All audits of trust accounts received after 31 December 2020 will be classified as late audits and may result in a fine. Licensees may have their licence suspended if they do not submit their trust account audit by 31 March 2021.

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Article 5: Strata Legislation review 

The Government has commenced a wide-ranging review of the laws affecting strata schemes under the Strata Schemes Management Act 2015 and the Strata Schemes Development Act 2015.

Public consultation is now open and will close on 7 March 2021.

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Article 6: January 2021 Property Now Available Online 

PEXA has published the January 2021 edition of it’s monthly publication, Property Now.

The magazine can be found online here.