Australia's 3rd Largest Economy

Member News


  • 09-Nov-2018 15:16 | Anonymous

    The Treasury Laws Amendment (2018 Measures No. 3) Act 2018 (Cth) has introduced new tougher penalties for companies and individuals who breach certain provisions of the Australian Consumer Law (ACL).

    What are the new penalties for companies?

    The new maximum penalty for companies is the greater of:

    • $10 million; or
    • 3 times the value of the benefit directly or indirectly obtained by the company (and any related companies) which is reasonably attributable to the offence; or
    • if the value of the benefit cannot be determined, 10% of the annual turnover of the company (and any related companies) for the 12 month period leading up to the commission of the offence.

    Previously, the maximum penalty for companies was $1.1 million.

    What are the new penalties for individuals?

    The new maximum penalty for individuals is $500,000 (up from the previous maximum of $220,000).

    Multiple Penalties

    The maximum penalties will apply to each contravention, so companies and individuals could potentially face massive fines if they commit multiple contraventions of the ACL.

    When do the changes commence?

    The changes came into effect on 1 September 2018 but do not apply retrospectively.

    Which aspects of the ACL do the new penalties apply to?

    The new penalties apply to breaches of certain provisions of the ACL including:

    • unconscionable conduct
    • false or misleading representations about goods or services or the sale of land
    • misleading conduct relating to employment
    • misleading conduct as to the nature, characteristics and suitability of goods or services
    • bait advertising
    • misleading representations about certain business activities
    • pyramid schemes
    • supplies of goods or services that fail to meet safety standards
    • supplies of banned goods or services
    • non-compliance with product recalls
    • supplies of goods or services that do not comply with information standards

    What is the rationale for the changes?

    The penalties were increased to bring them into line with penalties for breaches of competition law. ACCC Chairman Rod Sims stated in a press release that the new penalties were designed to:

    • “hit the bottom line so they are not simply seen as the cost of doing business”
    • “be high enough to be noticed by boards and senior managers so that compliance with the law is a high priority”
    • “deter large companies from breaching consumer laws”

    Given the current climate and community outrage over revelations from the Banking Royal Commission, it is likely there will be an increased focus by the ACCC on protecting the rights of consumers across many industries.

    Takeaways

    In summary:

    • businesses should be mindful of the heavy fines that apply to breaches of the ACL
    • businesses should expect the ACCC to more aggressively pursue breaches of consumer law
    • large companies could potentially face fines in the billions of dollars if they are fined at the rate of 10% of the annual turnover of their corporate group

    More Information

    Please contact our commercial law team at Matthews Folbigg Lawyers on 9635 7966 if you require legal advice on the ACL or any other commercial issue relating to your business.


  • 09-Nov-2018 13:53 | Anonymous


    What one thing could transform trust and loyalty in your business?

    The business benefits of a clear, inspiring sense of purpose are well documented. It gives every person in your organisation clarity and confidence, and a compelling reason to come to work every day. And that leads to higher engagement, productivity and retention.

    Given the vast majority of employees globally are unsatisfied with their work or simply don’t care according to Gallup’s annual poll (as many as 85 per cent in 20171) – this can significantly impact internal collaboration, as well as customer experience.

    But how do you find your ‘why’? If you’ve ever tried to articulate it, you’ll know it’s not as simple as it sounds.

    We were fortunate to hear from Start With Why’s David Mead at Macquarie’s Perspective event. Over 400 business leaders gathered in Sydney to hear new perspectives on why purpose matters – and what it could mean to the future of your business.

    Click here to read the full article.


    Macquarie has been providing Business Banking solutions for over 30 years and provides SME clients with tools and strategies to grow and develop their business. You can get regular updates by subscribing to the monthly newsletter, Strictly Business by visiting macquarie.com/au/business-banking. If you would like to find out more about how Macquarie can support you to take your business further, call us at our Parramatta office on 0417 518 724 and be connected with one of our banking specialists in your region.

    This information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (“Macquarie”) for general information purposes only. This information does not constitute advice. Opinions expressed are subject to change without notice. No member of Macquarie accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this information.

  • 17-Oct-2018 11:27 | Anonymous

    Summer is coming and the HSBC Sydney 7s is back with hospitality packages now available and selling fast!

    Hosted for the first time at Spotless Stadium between 1st and 3rd February 2019, click below to see the details of our packages.

    To enquire: Call 1800 619 181 or email hospitality@rugby.com.au

    To book: Return the BOOKING FORM to hospitality@rugby.com.au


    SINGLE FIN SKYDECK

    $99 per person

    See Inclusions

    7s SOCIAL CLUB

    $549 per person

    See Inclusions

    PRIVATE SUITES

    $649 per person

    See Inclusions



  • 16-Oct-2018 18:11 | Anonymous

    A celebration of Indigenous culture and reconciliation was on display on Saturday night at an historic event to mark the handover of government land by Landcom to Dharug Strategic Management Group.

    Landcom acquired land in the 1980s to provide more than 3,000 new homes in Oakhurst and Hassall Grove, and part of the purchase included a six hectare site that contained remnants of the former Blacktown Native Institution.

    Click here to read more.



  • 16-Oct-2018 18:10 | Anonymous


  • 16-Oct-2018 18:04 | Anonymous

    Commuters travelling through North Ryde will have an easier journey, following the completion of a $15 million widening and upgrade of Delhi Road between the Hills M2 and Lane Cove National Park.

    The new 950 metre-long eastbound lane was funded and managed by Landcom on behalf of Roads and Maritime Services.

    Click here to read more.


  • 16-Oct-2018 17:13 | Anonymous

    When I speak with leaders about what they find most difficult about their roles they instantly answer ‘the people aspect’.

    The ability to connect with a wide range of people, communicate effectively, to promote change in such a way that you win people’s hearts and can therefore implement it successfully, are vital to being a successful leader.

    Hard skills require IQ application, an ability to solve problems. It is mostly about your own ability.

    Success in soft skills is much more complex.

    It requires the science of inspiring conversations, honest conversations, being present, delegating and coaching. It also requires the art of how to complete these successfully with each team member.

    They are neither soft nor easy, yet they are crucial to learn if you want to succeed as a leader.

    Leading business thinker Simon Sinek goes even further saying “I really reject the idea of soft skills. There is nothing soft about them. We have hard skills & we have human skills. We need more human skills in business today”.

    Developing human skills is at the heart of our GREENLINE program. This program will develop your human skills and enable you to have the conversations you know you should have, but have been avoiding.

    To get your GREENLINE journey off to a running start, request a copy of our FREE report “Taking the GREENLINE to Skyrocket Your Business: The Top 5 Red Cards to Avoid”.

    In this report you will learn:

    • GOOGLE’s research that unlocked the secret to high-performing teams
    • The top 5 Red Card behaviours to STOP doing, that are wasting significant time and resources in your business
    • How to build you own world class, high-performing team

    CLICK HERE to get your copy.



  • 16-Oct-2018 17:00 | Anonymous

    A landmark bridge for pedestrians and cyclists will soon traverse Delhi Road and the Hills M2 motorway at North Ryde, with the first sod being turned today to mark the start of work on Landcom’s $40 million project. 

    The revolutionary steel bridge is being constructed to provide safe and easy access to Landcom’s Lachlan’s Line development, North Ryde Railway Station and Macquarie Park.

    Click here to read more.


  • 16-Oct-2018 11:40 | Anonymous


    Book your spot trackside today to enjoy live racing action with a decadent food and beverage package!

    Celebrate the end of year in style with entertainment and hospitality like no other.

    Spaces won’t last, book now!

    hospitality@theATC.com.au  I  1300 729 668

    https://www.australianturfclub.com.au/christmas-atc-2018/


Powered by Wild Apricot Membership Software