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Australian Consumer Law to Change 1 July 2021
The Australian Consumer Law (ACL) was reviewed in 2017, and several proposals have been enacted since 2018. The next change to the law, is one that may affect many of your clients: the financial threshold in the definition of a consumer within the ACL and the ASIC Act will change from $40,000 to $100,000.
From 1 July 2021, the new threshold applies, meaning that businesses which sell goods or services with a value up to $100,000 must comply with the consumer guarantee provided for in the ACL.
A person or entity is considered a ‘consumer’ if they purchase goods up to the threshold. Certain guarantees under the ACL protect consumers. The new threshold means that the law will apply to a wider range of goods and services with a value up to $100,000.
Under the ACL, automatic consumer guarantees apply to many goods and services regardless of warranties provided (or sold as an extra) by the vendor.
If you have clients who issue contracts and warranties for goods or services up to the value of $100,000, let them know the changes that apply from July 2021.
Australian Competition & Consumer Commission – Consumer Guarantees
Australian Competition & Consumer Commission – Warranties