Significant financial transactions
A supportive attorney can’t give effect to a significant financial transaction. This includes:
- making an investment for the principal or continuing an investment of the principal, including taking up rights to issues of new shares or options for new shares to which the principal becomes entitled by the principal's existing shareholding
- undertaking any real estate transaction for the principal, excluding entering into a residential tenancy for a premises in which the principal lives or intends to live
- dealing with land on behalf of the principal including taking out a loan on behalf of the principal or giving a guarantee on behalf of the principal
- undertaking a transaction for the principal involving the use of the principal's property as security for an obligation or
- buying and selling substantial personal property on behalf of the principal.
A supportive attorney does not have authority to give effect to decisions about any of these types of transactions.
Exception to this rule
Although generally a supportive attorney can’t give effect to the principal’s decision to make an investment or continue an investment there is one exception.
This exception is giving effect to a decision (of the principal) to invest or continue to invest an amount that is not more than $10,000 in total if it is in one or more interest bearing accounts of an authorised deposit-taking institution, within the meaning of the Banking Act 1959 (Cth).
See the Australian Prudential Regulation Authority website for the list of authorised deposit-taking institutions