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InFocus October 2024 - Volume 33 Issue 8

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Reminder: Multi-factor authentication (MFA) is coming to the ASIC Regulatory Portal

From late October 2024, you will require multi-factor authentication (MFA) to access your ASIC Regulatory Portal account.

MFA provides an extra layer of security, helping prevent unauthorised access to your account.

Once MFA is enabled, a one-time code will be sent directly to your email address (username) each time you log in. To ensure a smooth log in, verify your email address is correct under ‘My details’. This will ensure you receive the one-time code once MFA is required.

All ASIC Regulatory Portal account users will receive further communications about MFA direct to their email address.

For more information about the terms and conditions of your portal account, refer to the ASIC Regulatory Portal User Agreement.

Financial reports due soon - lodge online now

If you have a financial year end date of 30 June 2024, financial reports will be due soon.

Now is the best time to get your documents ready.

Companies that are not disclosing entities or registered schemes must lodge within four months after the end of the financial year.

Financial reports must be lodged online.

Learn more about financial reporting on our website.

Compensation Scheme of Last Resort

The Compensation Scheme of Last Resort (CSLR) is a new independent, not-for-profit company which commenced operations earlier this year.

The CSLR will provide compensation of up to $150,000 to consumers who have an unpaid determination from the Australian Financial Complaints Authority relating to:

  • personal financial advice,
  • credit intermediation,
  • securities dealing or credit provision, and
  • other eligibility criteria are met.

Learn more on our website.

Australia’s 3G network switch off – key dates

If you are running a small business, it’s important to know if you'll be impacted, and have time to upgrade your phones and other devices before they’re switched off.

Telstra and Optus will switch off their 3G networks from 28 October 2024. TPG Telecom already switched off their 3G network on 30 January.

If you receive notice from your service provider that your device is impacted, we recommend you take urgent action to stay connected.

For further information visit infrastructure.gov.au.

Last updated: 02/10/2024 01:00