Consumer Credit Code clarification

The Uniform Consumer Credit Code Management Committee has released a Solicitor Lending, Instalment Contracts and the Uniform Consumer Credit Code Consultation Package.

The purpose of the amendments is to confirm that the following forms of credit are covered by the Code:

• terms sale of land and conditional sale of goods;
• ‘tiny terms’ contracts; and
• solicitor lending.

Submissions close 9 December 2005.

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Queensland transfer duty changes announced

The Queensland Premier has announced that from 1 July 2006, rates of transfer duty for Queensland property valued above $500,000 will increase.

The marginal rate for properties valued from $500,001 to $700,000 will increase from 3.75% to 4% and for properties above $700,000 the rate will increase from 3.75% to 4.5%.

However, the threshold for the home concession will increase from $300,000 to $320,000. This means that there will be no increase in transfer duty payable for principal places of residence valued up to $700,000. Additional duty will, however, be payable for purchases of a principal place of residence over $700,000.

Investors will not get the benefit of the principal place of residence concession.

Download the revised duty rates

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Debt collection guideline for collectors and creditors

The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) have issued a jointly produced publication, aimed at improving standards in the debt collection industry: Debt collection guideline: for collectors and creditors

A debt collector who breaches the harassment and coercion provisions of the Commonwealth consumer protection laws risks fines of up to $220,000 for individuals or $1.1 million for a corporation. Similar fines are risked if a collector is convicted of knowingly making false or misleading representations (criminal prosecution).

Apart from criminal sanctions, ASIC or the ACCC can seek civil court orders against a collector, including injunctions against future conduct and non-punitive orders, such as corrective advertising.

Someone who has suffered loss or damage from a collector’s action may be able to recover their losses in certain circumstances.

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Daylight saving times 2005-2006

Tasmania started daylight saving time on 2 October. It will be 1 hour ahead of the eastern states until 30 October.

Australian Capital Territory, New South Wales, Victoria and South Australia will commence daylight saving on 30 October.

All states will finish daylight saving on 26 March 2006.

Queensland, Western Australia and the Northern Territory do not observe daylight saving.

From 30 October when it is 9am in Sydney, Melbourne and Hobart it will be 8am in Brisbane, 8.30am in Adelaide, 6am in Perth and 7.30am in Darwin.

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