Approved

It is intended that the scheme will be operational by March 2010 and that it will save up to Aus $250 million a year. It will allow online electronic settlement of property transactions, electronic lodgement of instruments with land registries and online payment of associated duty and tax charges. Currently each state and territory has their own system of conveyancing with different processes and procedures, but after the system's roll out is complete, consumers will be using the same online system to lodge and exchange all the documents, certificates and contracts needed to buy their new houses.

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