The new threshold is $364,100 (up from $345,290). The next change will be on 12 January 2010.

Further information is available at Hardship Threshold.

From 1 July 2010 (when the National Credit Law starts) the threshold will be fixed at $500,000.

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.

May 2011

• New Personal Property Securities law.

APRA APS 510 has been amended to include new standards on remuneration arrangements.

The new standards will commence on 1 April 2010.

We can assist in reviewing your remuneration policy, employment contracts and affected consultancy arrangements.