States and Commonwealth agree: taxes to be reduced
Six States and Territories have agreed to abolishing a number of state taxes over the next six years from 2005-06 to 2010-11.
In an agreement with the Commonwealth Treasurer, Victoria, Queensland, South Australia, Tasmania, Australian Capital Territory and the Northern Territory have agreed to the program in return for GST payments. New South Wales and Western Australia have not yet reached agreement.
The taxes to be abolished are:
* Stamp duty on non-quotable marketable securities;
* Stamp duty on leases;
* Stamp duty on mortgages, bonds, debentures and other loan securities;
* Stamp duty on credit arrangements, instalment purchase arrangements and rental arrangements;
* Stamp duty on cheques, bills of exchange and promissory notes; and
* Stamp duty on business conveyances other than real property, such as goodwill, supply rights of a business and intellectual property.
The states and territories do not support the abolition of stamp duty on business conveyances on real property.
AUSTRAC launches anti-money laundering elearning application
AUSTRAC has launched its anti-money laundering (AML) elearning application.
It has been designed to assist cash dealers, industry associations, members of the public and other interested stakeholders in understanding the various reporting and Know Your Customer obligations within the Financial Transaction Reports Act 1988 (FTR Act).
It consists of a study guide and 15 separate modules.
ecommerce and Consumer Credit Code updateLast year the UCCCMC released a draft amendment bill designed to address changes in technology since the Credit Code commenced in 1996.
It has now released details of amendments that have been made to the Consumer Credit (Queensland) Amendment Bill 2004 (the Bill) and the Consumer Credit Amendment Regulation (No.1) 2004 (Regulations) as a result of submissions received by it.
Changes include:
Inclusions of Mortgages in section 162(1)
Mortgages will now be required to conform with requirements as to legibility and language.
Section 172
Amendments have been made to confirm that a notice can be provided by electronic communication.
Consent to receive electronic communications
Amendments have been made to provide for the debtor to specifically consent to receive electronic communications. Consent cannot be implied from a person merely providing their email address.
The language of specific consent is drawn from the Electronic Funds Transfer Code of Conduct (at clause 22.1(b)) (EFT Code) which refers to a user’s agreement to be given by "specific positive election after receiving an explanation of the implications of making such an election”.1
Building on the EFT Code requirements, before consent is given it will be necessary to inform the debtor, mortgagor or guarantor that:
a) paper documents may no longer be given
b) electronic communications should be checked for notices; and
c) consent to the giving of documents by electronic communications may be withdrawn at any time.
Date of Document or other document - 173(1)(c)
Section 173(1)(c) raises issues about the receipt and attribution of electronic communications. Given the potential for credit providers to contractually shift the time of receipt from entry into the consumer's information system to exit from the credit provider's, amendments have been made to apply the receipt rules of section 13 of the ETA in all cases, without the option to vary.
Attribution
A specific provision has now been included within the amendments that expressly invokes the attribution rules of section 14 of the ETA, but without the option to vary.
1 "Specific positive election" is also adopted in the Code of Banking Practice.
Privacy obligations of financial institutions and brokers
Collectors of personal information from borrowers must take care with the information they receive.
National Privacy Principle (NPP) 4.1 provides that an organisation must take reasonable steps to protect the personal information it holds from misuse and loss and from unauthorised access, modification or disclosure.
This Information Sheet gives useful tips for organisations complying with that obligation, including physical security, computer security, communications security and personnel security.
