The Commonwealth Attorney-General has released a Consultation Regulation Impact Statement which investigates possible options to streamline access to information about enduring powers of attorney (EPOA) and reduce the uncertainty regarding whether a document, as presented, can be relied upon as the basis for financial transactions. Background

A national register would provide a single avenue to search, in real-time, an authoritative record of EPOAs to identify if a document, as presented, is the most recent in time and has not been revoked.

Three options for addressing the problem are considered:

  • the Status Quo: no changes to current regulatory frameworks.
  • Regulatory Option: proposes the introduction of a mandatory registration requirement in order to establish a comprehensive, national data source able to be searched by approved third parties to confirm the existence and currency of the EPOA.
  • Non-Regulatory Option: under this approach the Australian Government proposes to facilitate registration of EPOAs in a central location, with registration being voluntary.

Currently, across the jurisdictions, EPOAs have differing registration requirements.

In Tasmania, all EPOAs must be registered with the Lands Title Office. A registration fee of $146.61 applies for registration.

In all other states and territories except Victoria, an EPOA must be registered with the state’s/territory’s lands title office if the EPOA is to be relied on to transact in property (i.e. for an appointed attorney to sell a person’s house). Registration fees range from $127 – $192 depending on jurisdiction.

In Victoria there are currently no registration requirements.

In all states/territories other than Tasmania an EPOA can be validly made once the document has been signed by the parties and appropriately witnessed. In Tasmania the EPOA must be registered in order to enter into force.

The Council of Attorneys-General (CAG), comprising Attorneys-General from the Australian Government and all state and territory governments, will further consider approaches to this issue at the first CAG meeting of 2020.

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David Jacobson

David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
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The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.