2014 begins with some uncertainty: in addition to its legislation repealing the carbon tax and the mining tax, the Government has indicated it will be changing FOFA and conducting a Financial System Inquiry. Its charities changes have also been held up in the Senate.
It will also be “cleaning up” announced but unimplemented tax and superannuation changes. The Superannuation Guarantee charge percentage increase from 9.25% to 9.5% scheduled for 1 July 2014 has been postponed. The rate will remain at 9.25% until 30 June 2016.
But some significant changes will definitely commence in 2014, particularly the privacy changes commencing on 12 March.
1 January 2014
Anti-bullying law: anti-bullying legislation comes into effect on 1 January 2014 and will enable victims of workplace bullying to apply directly to the Fair Work Commission for an order that the bullying stop.
Small businesses will be apply to apply for External Dispute Resolution for disputes on loans up to $2 million
Risk management: New APRA standards for ADIs requiring a chief risk officer commence.
The Financial Claims Scheme single customer view commences.
The National Regulatory Scheme for Community Housing will also start in January.
The new statutory definition of charities will commence, notwithstanding the Government’s proposed changes to the sector.
Other key dates
Personal Property Securities Act transition ends on 31 January 2014: pre-30 January 2012 securities must be registered on the PPS Register to retain priority.
National Gambling Reforms (including daily ATM limits in gambling venues) commence on 1 February 2014.
The Co-operatives National Law commences in NSW and Victoria on 3 March and later in the year in other States and Territories.
The Privacy Amendment Act commences on 12 March 2014 including changes to credit reporting.
Gender equality: from 1 April 2014 businesses with 100 or more employees will be required to lodge reports each year containing information relating to various gender equality indicators.