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The New Scam Prevention Framework and It’s Impact on Businesses

Many amendments to the Privacy Act stemming from changes to strengthen privacy protections for all Australians are now in force. However, the Privacy and Other Legislation Amendment Act 2024 has attracted some criticism from businesses – particularly in relation to its statutory tort.

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Out with the old (section 260) and in with the new (Part IVA)

Part IVA overcomes deficiencies of section 260 of the Income Tax Assessment Act (ITAA), exposed by judicial decisions. Part IVA was introduced, albeit with limitations on scope, to provide an appropriate balance between combatting tax avoidance without discouraging commercial and familial transactions.

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