Key Regulatory Changes in December 2024 and January 2025 for the For-Purpose Sector | Greatest Good Blog

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Greatest Good January 2025 Regulatory Update


Skills in Demand Visa

The Federal Government has released the new Skills in Demand (subclass 482) Visa which replaces the Temporary Skill Shortage (subclass 482) Visa.


Government changes on cash and cheques

The Government has announced changes to requirements for businesses to accept cash, as well as plans to phase out cheques.


ASIC enforcement policies for 2025

ASIC has announced it new enforcement policies for 2025 detailing key areas where it will direct its resources in 2025.


Wage theft now a criminal offence

From 1 January 2025, underpaying an employee’s wages or entitlements can be a criminal offence if the payment is “intentional”, with substantial fines applying to companies, and prison and fines applying to individuals.

 

Director's guidance on preventing insolvent trading

The Australian Securities and Investments Commission has updated guidance to help directors prevent insolvent trading.

AICD releases updated Cyber Security Governance Principles

The Australian Institute of Company Directors (AICD) has released an updated version of their Cyber Security Governance Principles, advising that it reflects the latest developments and emerging cyber threats since the initial guidance was published in 2022.


ATO issues NFP responsibilities checklist

The Australian Taxation Office (ATO) released a not for profit tax, super and registry responsibilities checklist to provide guidance to not for profits on the governance/lodgement’s requirements.


ATO also issues new info on NFP self-review returns

They also published new information covering how not-for-profit organisations can prepare their self-review return to assess income tax exemptions. The first return for the 2023-24 financial year is due for lodgement by 31 March 2025.


Modern Slavery review

The Federal Government has released its response to the independent review of the Modern Slavery Act and will consult on a number of areas on reforms recommended by the Review in 2025.





Disclaimer: This does not purport to be comprehensive or to render legal advice. You should not act based on any information contained in this publication without first obtaining specific professional advice. Consult your legal advisor to determine if this applies to you.

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