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
12 December 2019

Manage for when, not if

Cyber attacks by email are on the rise and law firms of all sizes are at risk. Cyber attacks on law firms of all sizes, but particularly smaller practices without the necessary safety measures in place, are on the increase. It is everyone’s problem. What you need to know is set out here. How they […]

More
30 October 2019

Take steps to avoid GST claims

GST is not simple but there are some easy steps you can take to help protect you and your clients. Section 9 of A New Tax System (Goods and Services Tax) Act 1999 (Cth) (GST Act) sets out the four legs of a “taxable supply”. The fourth, s9(d) is that the supplier is “registered or […]

More
17 October 2019

Bringing your A game

Working on practice management basics gives you a solid platform to provide legal services. Knowledge of the law is fundamental, but not the only ingredient when providing high quality legal services to your clients. LPLC sees claims against practitioners who know the law, but for a variety of reasons fail to discharge their duty of […]

More
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 […]

More
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. […]

More
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 […]

More
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
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 […]

More
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 […]

More
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
4 December 2019

Success often comes at a price

Some of the firms we have visited as part of our Risk Assistance Program have been around for 20 to 30 years. They often have a sole principal and have grown over the years to have five to eight lawyers and multiple support and administrative staff. The principal works long hours and spends a large […]

More
21 November 2019

Common GST question – new residential property and no GST registration

Here is a deceptively simple GST question with a few twists. Q: Our client built a new house to replace an old house on a block of land two years ago and since then has been occupying the property. The client, a sole owner, now intends to sell the property and is not registered for […]

More
15 November 2019

Determining the right diagram location document

What constitutes a diagram location for the purposes of section 32I of the Sale of Land Act 1962 (Vic)? The section relevantly provides that a vendor must attach to the section 32 statement: ‘… the document, or part of the document, referred to as the diagram location in the Register Search Statement that identifies the […]

More
6 November 2019

System lock out – another firm falls victim

What’s your plan if you suddenly find you can’t access your information on your computer? Following on from our last blog about a recent law firm cyber-attack, we bring you a different story this week. On a recent Monday afternoon, a small firm suffered an attack on their local server which hosted their practice management […]

More
25 October 2019

Cyber strikes again – how one small firm got hit

What’s your plan for when, not if, a cyber incident occurs in your firm? There is a new phishing email scam widespread in the legal sector right now. Here’s what happened to a small Victorian firm in the last few weeks and how they handled it.    A partner in the firm received an unusual […]

More
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.

More
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 […]

More
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 […]

More
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’. ☐ […]

More
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 […]

More
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 […]

More
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 […]

More
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 […]

More
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 […]

More
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 […]

More
7 June 2019

Risk video bite – Adequate security or loans

Presenter: Matthew Rose, LPLC Risk Manager

More
2 May 2019

Risk video bite – Attention to detail in wills and estates

Presenter: Heather Hibberd, LPLC Chief Risk Manager

More
5 April 2019

Risk video bite – Systems save claims

Presenter: Stephen Bubb, LPLC Risk Manager

More
1 March 2019

Risk video bite – Buying or selling a small business

Presenter: Matthew Rose, LPLC Risk Manager

More
1 February 2019

Risk video bite – Inadequate advice

Presenter: Phil Nolan, LPLC Risk Manager

More
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)    

More
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 […]

More
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 […]

More