Banking and Finance Point-in-Time Service Updates

The Banking and Finance Point-in-Time Service has been updated to include the Treasury Laws Amendment (2022 Measures No. 1) Act 2022 (Cth) (Act 35 of 2022).

Act 35 of 2022

An Act to amend the law relating to taxation and superannuation, to make miscellaneous and technical amendments of the statute law of the Commonwealth, and for related purposes.

Schedule 4 to the Act makes minor and technical amendments to various laws in the Treasury, Social Services and Veterans’ Affairs portfolios, especially in regards to:

• the commencement of registries modernisation amendments;
• application of registries modernisation amendments; and
• financial reporting obligations.

Please note, Schedule 4 of this Act retrospectively amends the automatic commencements of the following Acts:

• National Consumer Credit Protection (Fees) Amendment (Registries Modernisation) Act 2020 (Cth) (Act 68 of 2020); and
• Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020  (Cth) (Act 69 of 2020).

Previously, parts of these Acts automatically commenced on 22 June 2022. Following the amendments, these Acts will now automatically commence on 1 July 2026, or on an earlier date if specified by Proclamation.

These commencements affect amendments to the following Acts:

• National Consumer Credit Protection (Fees) Act 2009 (Cth) (Act 112 of 2009);
• National Consumer Credit Protection Act 2009 (Cth) (Act 134 of 2009); and
• National Consumer Credit Protection (Transitional and Consequential) Provisions Act 2009 (Cth) (Act 135 of 2009).

These amendments have been updated in the Point-in-Time Banking and Finance Service current to 21 August 2022. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.