We had previously provided an update on the Treasury Legislation Amendment (Small Business Unfair Contract Terms) Bill 2015 which proposed to extend the consumer unfair contract term protections to standard form small business contracts and allow unfair terms to be struck out.

On 14 September 2015, following consultation on the Bill, the newly appointed Assistant Treasurer, the Hon Kelly O’Dwyer MP, announced that the Government would support proposed amendments of the Greens’ to the financial thresholds of the Bill.

It is estimated that the Bill’s increased coverage will provide unfair contract term protections to 95% of small businesses (previously 80%).

The amended bill passed both Houses of Parliament on 20 October 2015 and received Royal Assent on 12 November 2015. The Act will commence on the day after the end of the period of 12 months beginning on the day that it received Royal Assent.

To request a full summary of the issues email us a request at [email protected]