Australia: Compliance

Certain obligations, including tax, superannuation, workplace safety and environmental compliance, can apply directly to directors even where work is outsourced.

Australia's parliament has passed legislation doubling maximum penalties under competition and consumer law, raising civil and criminal fines to AU$100 million per contravention. What will these enhanced enforcement powers mean for businesses operating under the Competition and Consumer Act, and how should companies prepare for the upcoming unfair trading practices reforms set to take effect in July 2027?

Recent AFCA decisions and the impending rollout of the Scams Prevention Framework have significant implications for financial institutions, making it clear that businesses must take proactive steps to prevent and respond to scams.