risk-management.php

Contact PEXA first if your transaction occured on PEXA:

support@pexa.com.au

1300 084 515

Banks most commonly used for trust accounts

Bank and weblink for further informationPhone
ANZ13 33 50
CBA13 22 21
NAB13 10 12
Westpac13 20 32
Bank of Melbourne13 22 66
Bendigo and Adelaide Bank1300 236 344
St George Bank13 33 30

Other banks


Bank and weblink for further information

Phone/email
AMP Bank Limited13 30 30
bankfraud@amp.com.au
Arab Bank Australia Limited1800 64 64 84
Bank Australia13 28 88
Bank of America National Association02 9225 6500
Bank of China1800 095 566
service.au@bankofchina.com
Bank of Queensland Limited1300 55 72 72
Bank of Sydney1300 226 546

info@banksyd.com.au
Citigroup Pty Ltd13 24 84
HSBC Bank Australia Limited1300 308 008
ING Bank (Australia) Limited13 34 64
Macquarie Bank Limited02 8232 3333
MUFG Bank Limited02 9296 1111
ME Bank13 15 63
MyState Bank1300 850 505
Qudos Bank1300 747 747

enquiries@qudosbank.com.au
Rabobank Australia Limited1800 025 484
Suncorp Bank13 11 55
United Overseas Bank Limited02 9221 1924
4 September 2019

Develop the engagement habit

Think through the engagement decision process for every client and matter to help avoid claims. Lawyers can get themselves into hot water when they neglect to go through a thorough engagement decision process. Before agreeing to act in any new matter consider whether it is the: right client in the right matter at the right […]

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4 September 2019

Write tech, wrong text

Practitioners must understand censorship methods in word processing to protect sensitive information. Redaction and track changes are commonly used in the legal profession to obscure or edit information in documents. Recent events tell us that practitioners should not make any assumptions about their own or other people’s level of competence in effectively using these methods. […]

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11 July 2019

Do they have the authority?

Verifying authority is an essential part of risk management. Snapshot Always verify the authority of the client. Be aware of high risk situations including acting for a company, multiple clients or for an attorney. Use a checklist to verify authority. It should go without saying that you should not act on a client’s instructions if […]

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27 June 2019

In Check Issue 83 | June 2019

Table of contentsThe engagement habitEngagement basics – non-engagement lettersRetrospective changes to ‘off the plan’ sunset clauses now lawWhat’s your cyber recovery plan?Cyber insurance is part of planning for the worstCommon GST questionsAbout to go on holiday?RMI On the Road round-up What’s new on LPLC’s website Risk management seminars Changing your email address? The engagement habit […]

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20 June 2019

Checklists can help avoid a claim

LPLC has a range of risk management checklists to help practitioners. Checklists are an essential risk management tool that should be used routinely by any legal practice. If you find it difficult to set aside time to develop these tools yourself, the free checklists on LPLC’s website can help. Here are some fundamental checklists that […]

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5 September 2019

Cyber claim dramatic increase – everyone is at risk

Cyber security is an increasingly significant issue for law firms of all sizes and practice areas, it is not just conveyancing practices at risk, every practice area when they handle money is a potential target. In the 2018-19 year we have seen more than double the number of cyber claims and notifications than the previous […]

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29 March 2019

Retrospective changes proposed for residential ‘off the plan’ sunset clauses

Table of contentskey risk alertsSunset clauses – details of the proposed amendments Retrospectivity trap for practitioners What you should do now Other legislative changes proposed in the bill key risk alerts New bill proposes changes to the operation of sunset clauses in residential off the plan sales contracts. Proposed new requirements will prevent a vendor […]

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25 September 2018

PEXA, email, electronic funds transfers and cyber-crime

Table of contentsPEXA, email, electronic funds transfers and cyber-crimeThe risk of EFT-fraud for lawyers is human error, not ITVerify all email instructions for the transfer of fundsAlways double-check bank account details before sign-offPEXA residential seller’s guaranteeWhat the PEXA residential seller guarantee coversThree-day time limit for seller to apply for guaranteeWhat to do if EFT fraud […]

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25 September 2018

GST withholding practical examples

Download PDF Table of contentsGST withholding practical examplesResidential premisesFarm landVendor registration GST withholding practical examples This bulletin contains practical examples in question and answer format of how the purchaser GST withholding provisions work. For general information about the withholding requirements see the bulletin Some purchasers required to withhold GST from 1 July 2018. Contracts signed […]

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14 August 2018

Medical Treatment Planning and Decisions Act 2016 (Vic)

Key points Appointments of medical treatment decision makers and advanced care directives replace medical powers of attorney and refusal of medical treatment certificates from 12 March 2018. Medical power of attorneys entered into before 12 March 2018 are taken to be appointments of medical decision makers. Any refusal of treatment certificates created before 12 March […]

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10 October 2019

Litigate well – prepare early

Effective litigation practitioners prepare well and prepare early. A recent judgement in the Supreme Court of Victoria reinforced this message when an application for adjournment of a trial date was met with an indemnity cost order against the solicitors seeking the adjournment. In Kinghorn v City of Kingston [2019] VSC 240 the plaintiff, through her […]

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3 October 2019

Free Resources for legal research

Lawyers are obliged to know the law and keep themselves informed about the constantly changing and evolving areas in which they practice. Austlii and the Law Library of Victoria provide free online resources to assist with legal research and keeping abreast of changes to law. The Austlii website contains a vast amount of information including […]

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6 September 2019

Right client. Right matter. But is it the right time?

In our final blog about the key pillars of a comprehensive engagement process we turn our attention to timing. We ask, is it the right time for you or your firm to take this on? Lawyers get themselves into hot water when they neglect to go through a thorough engagement process. LPLC’s engagement decision tool […]

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30 August 2019

It’s OK to say no when it’s not the right matter for you

Lawyers get themselves into hot water when they neglect to go through a thorough engagement process. LPLC’s engagement decision tool sets out the three crucial questions to ask yourself before agreeing to act in any new matter. This week we discuss some strategies you can use to examine whether a matter is right for you. […]

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23 August 2019

Develop the Engagement Habit: Right Client

Lawyers get themselves into hot water when they neglect to go through a thorough engagement process. LPLC’s engagement decision tool sets out the three crucial questions to ask yourself before agreeing to act in any new matter. Starting with being sure about who you are acting for, over the next 3 weeks we will look […]

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6 May 2019

Develop the engagement habit

Lawyers can get themselves into hot water when they neglect to go through a thorough client engagement process. Our handy engagement decision tool can help you develop a more manageable approach. Make it routine for every client and every matter.

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9 November 2018

Key Risk Checklist: Tax issues

This checklist contains the most common taxes and related charges and is not intended to be exhaustive. Ticking a box indicates who is responsible for considering the selected item. Both practitioner and client may be selected. A column has been included for initial comments. It is recommended that a memorandum be sent to the client […]

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23 August 2018

Key Risk Checklist: Cyber Security

It is essential that firms take steps to prevent cyber-crime as practitioners are increasingly at risk of cyber-attacks. This is a list of the things firms need to do to at least lock the door on cyber-crime. Cyber security ☐  Always authenticate email instructions that involve sending money by speaking to the client in person […]

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7 May 2018

Key Risk Checklist: Sale of land – questions for the vendor

Sale of land – questions for the vendor   Instructions ☐  Please circle yes or no as applicable. ☐  Please provide the additional information as indicated e.g. a copy of your title(s). ☐  If you do not know the answer or are unable to provide the additional information please insert the words ‘not known’. ☐ […]

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24 April 2018

Key Risk Checklist: GST

GST is not simple but there are some easy steps you can take to help protect you and your clients. References to divisions and sections can be found in A New Tax System (Goods and Services Tax) Act 1999 (Cwlth). GST alert – for contracts entered into from 1 July 2018, purchaser to collect and […]

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28 February 2019

Claim free conveyancing

Additional conveyancing download: Default notice Table of contentsIntroductionEmerging risk – cyber fraudThe causes of claimsThe most common mistakesLPLC Vendor’s Practitioner ChecklistPurchaser’s Practitioner ChecklistAppendix One: Suggested form of letter to client if requested to prepare a section 32 statement in a hurryAppendix Two: Owner builder obligationsAppendix Three: Rescission NoticeAppendix Four: Owners corporation certificate issues Introduction Claim […]

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17 September 2018

Small business big risk

Since LPLC published the first edition of Small business – big risk there have been some changes in the legal landscape which are particularly relevant to transactions for the sale of small businesses including the introduction of: the Estate Agents (General, Accounts and Audit) Regulations 2008, which has made substantial changes to both the form and content […]

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6 August 2018

Pitfalls in personal injury litigation

Table of contentsPersonal injury litigationThe causesThe best risk management – an informed clientCommon mistakesWorkplace injuriesPublic liability and medical negligenceTransport accident claimsEmerging area of riskLPLC Personal Injury Litigation ChecklistAppendix 1 Personal injury litigation Clients seek out litigation lawyers only when something has gone wrong. In the personal injury arena, they have the added difficulty of dealing […]

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24 July 2018

Keep managing mortgage risk

Table of contentsAdditional mortgage downloadsIntroductionAmadio claimsImprovident transactionsMortgage fraudNo or inadequate securityAdvice on equity release productsLPLC Checklist: Advice on equity release productsTaking instructionsThe effect of the transactionIssues of duressLPLC Amadio ChecklistAppendix OneAppendix TwoAppendix ThreeAppendix FourAppendix FiveAppendix Six Additional mortgage downloads Solicitor’s Certificate – Direct Borrower Solicitor’s Certificate – Third Party, Guarantor etc Translator’s Certificate Client acknowledgement […]

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24 April 2018

Avoiding superannuation claims

Table of contentsIntroductionCommon themesSuperannuation related claims from 1 July 2015 to 30 June 2017Areas of lawSuperannuation checklistAppendix one Introduction Every year LPLC sees claims involving superannuation funds. Claims sometimes arise because the practitioner does not have sufficient knowledge or experience with superannuation matters. Practitioners who regularly act in this area will agree that extensive expertise […]

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7 June 2019

Risk video bite – Adequate security or loans

Presenter: Matthew Rose, LPLC Risk Manager

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2 May 2019

Risk video bite – Attention to detail in wills and estates

Presenter: Heather Hibberd, LPLC Chief Risk Manager

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5 April 2019

Risk video bite – Systems save claims

Presenter: Stephen Bubb, LPLC Risk Manager

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1 March 2019

Risk video bite – Buying or selling a small business

Presenter: Matthew Rose, LPLC Risk Manager

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1 February 2019

Risk video bite – Inadequate advice

Presenter: Phil Nolan, LPLC Risk Manager

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29 March 2019

Retrospective changes proposed for residential ‘off the plan’ sunset clauses

Table of contentskey risk alertsSunset clauses – details of the proposed amendments Retrospectivity trap for practitioners What you should do now Other legislative changes proposed in the bill key risk alerts New bill proposes changes to the operation of sunset clauses in residential off the plan sales contracts. Proposed new requirements will prevent a vendor […]

More
15 August 2018

Vendor/supplier GST withholding notice

There is no prescribed form for section 14-255 supplier GST withholding notice. Below is a suggested form of notice practitioners are welcome to use or adapt.Page two of the notice contains some notes for its use.   Vendor_supplier GST withholding notice(PDF Version) | Vendor_supplier GST withholding notice(Word Version)    

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14 August 2018

Medical Treatment Planning and Decisions Act 2016 (Vic)

Key points Appointments of medical treatment decision makers and advanced care directives replace medical powers of attorney and refusal of medical treatment certificates from 12 March 2018. Medical power of attorneys entered into before 12 March 2018 are taken to be appointments of medical decision makers. Any refusal of treatment certificates created before 12 March […]

More
7 August 2018

Some purchasers required to withhold GST from 1 July 2018

Download PDF Suggested resources: Vendor/supplier GST withholding notice Key points New GST withholding regime applying to some settlements from 1 July 2018. New notification obligations on vendors of new residential or potential residential land. New notification and withholding obligations on purchasers of new residential or potential residential land. Penalties apply for both vendor and purchaser […]

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27 June 2018

GST withholding special condition

Download PDF GST withholding 1.1. In this special condition, section references are to Schedule 1 of the Taxation Administration Act 1953 (Cwth) as amended by Treasury Laws Amendment (2018 Measures No.1) Act 2018 (Cwth) and asterisked terms have the same meanings as when used in that schedule. 1.2. If section 14-255(1) applies to the supply […]

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