Treasurer Josh Frydenberg has insisted now is a key time to wind back the responsible lending obligations, as the country recovers from the pandemic. The government declared in September that it wou
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ASIC cancels Master Wealth Control’s Australian Credit Licence
ASIC has cancelled the Australian credit licence (ACL) of Dominique Grubisa’s company Master Wealth Control Pty Ltd (Master Wealth Control), effective from 5 May 2021.
ASIC cancelled the ACL on the basis that Master Wealth Control has not engaged in the credit activities authorised by its credit licence.
Since 18 February 2020, the National Consumer Credit Protection Act 2009 allows ASIC to cancel a credit licence if the licensee has not engaged in the credit activities authorised by the credit licence within a specified 6-month period.
Master Wealth Control held an ACL from 29 March 2011 to 3 May 2021 (number 400712). During this time, ASIC found that Master Wealth Control did not engage in any authorised credit activities under its credit licence in the period commencing 18 February 2020.
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Firms offering debt management services require credit licence to operate
ASIC has today released an information sheet for providers of debt management services that explains their new regulatory obligations, including the requirement to be licensed.
The National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021 (Regulations), made on 29 April 2021, prescribe certain debt management services as a ‘credit activity’ for the purposes of the National Consumer Credit Protection Act 2009 (National Credit Act).
Under the Regulations, a ‘debt management service’ broadly covers services such as ‘credit repair’ and ‘debt negotiation’ that are carried out in relation to a consumer credit contract and where a consumer is required to pay.
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Why turning to accountants to shore up rental applications could be problematic
By John Buckley
20 April 2021
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1 minute read
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Accountants are increasingly being pressured to provide capacity to repay statements, as real estate agents and landlords join the banks in shifting credit assessment risk amid a booming property market.
The practice of banks asking accountants to sign off on a client’s ability to repay a loan has been a cyclical issue for the profession, but the trend has now extended to real estate agents and landlords who are flocking to accountants to shore up rental applications.
In parts of regional Australia, where property vacancy rates are hovering around the 1 per cent mark, said Gavin Swan, director of Absolute Accounting Services on NSW’s Central Coast, it’s a relatively new trend.