By David Jacobson The Treasury Laws Amendment (Putting Consumers First – Establishment of the Australian Financial Complaints Authority) Bill 2017 establishing an Australian Financial Complaints Authority (AFCA) has been passed by Parliament and is awaiting Royal Assent. It will be in operation no later than 1 November 2018. Background.
According to the Minister for Revenue and Financial Services the transitional provisions will include:
the definition of a small business will be relaxed, so that any business with fewer than 100 staff can access AFCA;
small business primary production producers – defined in accordance with the Income Tax Assessment Act 1997 – will have access to compensation …read more
Source:: Bright Law