Policy Update - September #2

We are seeking SME lenders' views on AFCA's new approach to small business lending complaints

AFCA is currently consulting on new guidance on their approach to handling small business lending complaints. We are keen to hear views from lenders in this space on whether they have any concerns about the proposed approach which could inform a FinTech Australia submission

As flagged in our last newsletter, the document signals a more expansive approach and appears to integrate more detailed credit assessment expectations. Pages 24-26 in particular may be of concern to SME lenders - it sets out further inquiries which might be expected depending on the circumstances.

Government introduces legislation to implement instant asset write-off

Legislation has been introduced to implement the $20,000 instant asset write‑off for one year, as announced in the 2023‑24 Budget.

Small businesses with aggregated annual turnover of less than $10 million will be able to immediately deduct eligible assets costing less than $20,000, from 1 July 2023 until 30 June 2024.