NSW Landlords now need to supply 100 point ID to the managing agent?

Discussion in 'Property Management' started by poby, 18th Oct, 2020.

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  1. poby

    poby Well-Known Member

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    Hi all

    Just in the process of renting out my place, and my agent wants 100 points of ID from me.

    Are these new rules? My agent says it's due to changes in rules from March 2020..

    Could anyone confirm?

    Thank you
     
    poby, 18th Oct, 2020
    #1
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  2. ChrisDim

    ChrisDim Well-Known Member

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    Yes, it's the new requirement @poby

    It's mostly aimed at selling property, but it is a requirement to rent out properties as well.
     
    ChrisDim, 18th Oct, 2020
    #2
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  3. poby

    poby Well-Known Member

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    Thanks Chris!
     
    poby, 19th Oct, 2020
    #3
  4. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    This is a good thing. A small inconvenience, but it can prevent a lot of fraud.
     
    Peter_Tersteeg, 19th Oct, 2020
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  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Good to see this. I wouldnt be questioning this as it should have been the practice 30 years ago. IMO agents should be obliged to conduct a title search to know who the legal owners are and get 100pts of ID AND also report to the ATO using the owner/s TFN/s as part of annual reporting for all rent and sales. For sale of property the contract will include title details but how do they know with rentals ?
     
    Paul@PAS, 19th Oct, 2020
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  6. Tom Rivera

    Tom Rivera Property Manager Business Member

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    100% Agree, I'd be thrilled if this became a requirement for us.
     
    Tom Rivera, 19th Oct, 2020
    #6
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