Put these dates in your 2010-2011 calendars now if you haven’t already started planning:
1 January 2010
- new Banking, Finance and Insurance Award 2010 and National Employment Standards come into effect
- Austrac compliance reports for 2009 business activities must be lodged between 1 January and 31 March 2010.
1 April 2010:
- New APS 510 remuneration standards commence
- Consumer credit provider registration starts (registration closes 30 June 2010)
1 July 2010:
- Australian Consumer Law – unfair contract terms commences
- National Credit Code commences; Suitability assessments required for non-ADI’s or RFC’s
- Applications for Australian Credit Licence (ACL) open (applications close 31 December 2010)
Second half of 2010 (likely)
- Bankruptcy amendment increasing the minimum amount for which a creditor can petition for bankruptcy from $2,000 to $10,000
- Extension of Do Not Call Register to all Australian telephone and fax numbers , including individuals, businesses, government and organisations.
1 January 2011
- Responsible lending (ADI’s and registered finance companies) starts.
- Commencement of new privacy credit reporting laws.
- New Personal Property Securities law.