July 2021

Everything you need to know about NSW’s COVID lockdown financial support

Businesses forced to close due to the Sydney lockdown will be eligible for weekly payments.(ABC News: James Carmody NSW’s COVID-19 lockdown will go for at least another four weeks, prompting the state and federal governments to announce more financial lifelines for businesses and individuals. The new measures will cost about $750 million a week and […]

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Credit industry faces higher ASIC levies

Business, Industry, Mortgage, Regulations / ACP-admin

ASIC has published its draft Cost Recovery Implementation Statement for the 2020-21 financial year, with expectations of what each finance sector will be charged to fund its regulation. The levies, which are based on ASIC’s regulatory costs and business metrics, will be finalised in December and invoiced in January next year. The regulator has

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Compliance Checklist: What a Company Needs to Do to Be AML Compliant

Business, Industry, Regulations / ACP-admin

Global penalties for AML regulation non-compliance are increasing year after year. Overall, the number of fines in 2020 was $10.4 billion. Major banks like Deutsche Bank (USA) and Commerzbank (UK) were fined millions of dollars for non-compliance. In this article, I will try to review what is necessary for any company to stay compliant.

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ASX Calls for Regulations of Crypto Custodians

Blockchain, Business, Industry / ACP-admin

The Australian Securities Exchange (ASX) wrote a letter to the country’s Senate last week pointing out several risks in holding digital assets and calls for better regulations around the industry. “On major blockchain platforms such as Bitcoin and Ethereum, digital assets are associated with a user through an address. Whoever can access the address is

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How to claim the COVID-19 Disaster Payment: $100 increase for week four of lockdown

Business, Community / ACP-admin

The Federal Government’s COVID Disaster Payment has once again gone through another change – this time bumping up the weekly payment by as much as $100 if a state’s lockdown goes into a fourth week. Prime Minister Scott Morrison announced this afternoon that if you are unable to work due to public health orders, you

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Don’t file your tax return too early!

Business, Taxation / ACP-admin

Lodging a tax return too early without all the right information can result in refunds being delayed. As the new financial year sees more than 14 million taxpayers file their returns, the Australian Taxation Office (ATO) is asking taxpayers to hold off lodging too early. Key points: Millions of Australians are rushing to lodge their tax

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ASIC consults on guidance and relief for litigation funding schemes

Business, Industry, Regulations / ACP-admin

ASIC has today released Consultation Paper 345 Litigation funding schemes: Guidance and relief (CP 345) to seek feedback on proposed guidance and relief for litigation funding schemes. In the consultation paper, ASIC is proposing to: provide definitional guidance for key terms in the managed investment scheme (MIS) regulatory regime as they apply to litigation funding

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Small business crushed by NSW lockdown extension

Business, Community / ACP-admin

$1 billion a week: NSW lockdown extension threatens to push small retailers into insolvency An extension of the lockdown for Greater Sydney and surrounds could be the tipping point for small businesses to consider insolvency, leading bodies have warned. The Australian Retailers Association (ARA) estimates that for every week the lockdown continues, retailers collectively

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Debt management licensing regime has commenced

Business, Regulations / ACP-admin

From 1 July 2021, providers of debt management services (including firms offering ‘debt negotiation’ or ‘credit repair’ services) are regulated under the National Consumer Credit Protection Act 2009 (National Credit Act). This means providers of these services must: hold a credit licence with an authorisation that covers those services (or act as a representative of

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Everything you need to know about NSW’s COVID lockdown financial support

Credit industry faces higher ASIC levies

Compliance Checklist: What a Company Needs to Do to Be AML Compliant

ASX Calls for Regulations of Crypto Custodians

How to claim the COVID-19 Disaster Payment: $100 increase for week four of lockdown

Don’t file your tax return too early!

ASIC consults on guidance and relief for litigation funding schemes

Small business crushed by NSW lockdown extension

Debt management licensing regime has commenced

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