Olivia O’Rourke:
Hi everyone, welcome to our webinar on preparing your business for success in 2026.
My name is Olivia O’Rourke, and I’m a senior lawyer in our commercial team here at LegalVision.
Before we begin, a couple of quick housekeeping items. Firstly, you will receive the recording and slides by email following today’s session. Throughout the session, you can submit questions in the Q&A box, and we’ll aim to answer as many of them as we can at the end. Lastly, we’d really appreciate it if you could complete the feedback survey after the webinar, which is very valuable for us.
One other thing to point out: by viewing this webinar, you qualify to receive a complimentary consultation with the team here at LegalVision to discuss how we can help your business. To claim that session, you can leave your contact details in the survey that appears when the webinar ends, or you can contact us via our website.
Without further ado, today we’ll be discussing some key legal areas for businesses in 2026. These include key consumer law updates and compliance requirements, AML reporting updates, whether you have the right contracts in place for your clients and team, whether your intellectual property is protected, 2026 data and privacy obligations, and upcoming Australian employment law changes. We’ll finish with a Q&A.
Reviewing contracts across your business? Download this free checklist to ensure clear terms, fair risk allocation and stronger commercial outcomes
The first topic I’d like to cover today is key consumer law updates and compliance requirements. The federal government announced plans in late 2025 to address key consumer law reforms in 2026.
State and federal ministers met in November and agreed to proceed with an Australia-wide ban on unfair trading practices in 2026. We expect draft legislation to be released early this year. The key areas expected to be covered focus on practices that manipulate consumer decision-making and cause the most harm to consumers.
These include subscription services and cancellation processes, making it easier for consumers to exit ongoing subscription contracts, and the practice of including hidden fees that only appear at checkout.
In addition, the consumer guarantees framework will be strengthened. Consumers will be more easily able to obtain refunds, repairs, or replacements, reflecting their existing rights under consumer law. There will also be a stronger emphasis on manufacturers indemnifying suppliers for remedy costs, so smaller suppliers are not left out of pocket. Penalties will be tougher, and enforcement powers expanded. Businesses that do not comply will face more significant civil penalties, and regulators such as the ACCC will have greater enforcement powers.
While the legislation is not yet available, there are steps businesses can take now to prepare. If you operate a subscription business, including free trials or recurring subscriptions, you should audit your sign-up process, disclosure practices, and notification systems. This includes notifying customers when free trials are ending or contracts are due for renewal, and ensuring customers can easily cancel before charges apply.
If you run an online business selling goods or services, ensure all fees are displayed prominently and upfront across your website, marketing materials, and point of sale. The true price should be clear from the outset, not just at checkout.
You should also review your terms and conditions to ensure they comply with existing consumer law and consider having them reviewed once the new reforms come into effect. Finally, monitor the release of draft legislation expected in early 2026 and seek legal advice if required.
Next, turning to AML reporting updates. Significant changes are coming in 2026 for businesses that fall under Tranche 2 of Australia’s anti-money laundering and counter-terrorism financing regime. This includes real estate professionals, dealers in precious stones and metals, lawyers, conveyancers, accountants, and trust and company service providers.
From 1 July 2026, these Tranche 2 businesses will be regulated by AUSTRAC as AML/CTF reporting entities. Virtual asset-related service providers and intermediaries will be brought under the regime earlier, from 31 March 2026.
Affected businesses will need to enrol and register with AUSTRAC by 29 July 2026. They must develop an AML/CTF program approved by senior management, covering risk assessments for money laundering, terrorism financing, and proliferation financing risks, along with policies, procedures, systems, and controls to manage those risks.
Governance arrangements and staff training will also be required, including appointing a senior manager and AML/CTF compliance officer. Businesses must conduct customer due diligence, verifying customer identity, beneficial ownership, and screening for politically exposed persons and sanctions. Ongoing monitoring of transactions and customer risk profiles is also required.
Reporting obligations include suspicious matter reports, transaction reports for cash transactions over $10,000, international funds transfer reports, cross-border movement reports, and annual compliance reports. Records must be retained for seven years.
AUSTRAC will release guidance and materials to support affected businesses, and we recommend checking AUSTRAC’s website for further information.
Moving on to contracts, this is relevant to all businesses. The start of a new year is a good time to review your contracts, or identify where contracts may be missing. Contracts should reflect how your business currently operates and comply with current laws, including unfair contract terms and consumer law requirements.
Given current market conditions, it is particularly important to have robust client agreements in place. Key terms include price revision clauses, especially for long-term contracts, allowing for annual price increases linked to CPI or a fixed percentage. Clear payment terms are also essential, including rights to suspend services, terminate contracts, charge interest, and recover costs for late payment.
Contracts should clearly describe the goods or services provided, address intellectual property ownership where relevant, include limitation of liability provisions, and set out termination rights.
Supplier contracts should also clearly define services, quality guarantees, insurance requirements, performance timeframes, and intellectual property ownership. For software arrangements, uptime and availability are critical, particularly where AI is involved. Businesses should carefully review ownership of AI-generated content and whether input data is used to train models.
For construction businesses in Victoria, the Security of Payment legislation will be overhauled in 2026, with changes commencing on 1 September. These include removal of excluded amounts, a 20-day payment requirement, extended claim periods, and retrospective application to existing contracts, subject to limited exceptions. Construction businesses should ensure contracts comply ahead of commencement.
Turning now to intellectual property, protecting the right type of IP helps prevent others from copying your branding, inventions, designs, and written works.
Business names can be registered with ASIC, which allows you to trade under that name but does not prevent others from using similar names. Trade mark registration provides stronger protection and broader enforcement rights, though the process can be lengthy, so early registration is recommended.
Other registrable IP includes designs and patents, which have specific requirements. Businesses operating internationally should consider protection in relevant jurisdictions.
Non-registrable IP, such as copyright and trade secrets, is often addressed through contracts. Where new IP is created under a contract, such as software development, contracts must clearly address ownership. Without a contract, copyright generally belongs to the creator.
Contracts should specify ownership of pre-existing IP, newly created IP, and improvements. Licensing arrangements should also be clearly defined, including scope, duration, transferability, and permitted use.
Moving to privacy, data protection remains a key issue for most businesses. The Privacy Act governs how personal information is collected, used, stored, and disclosed, supported by the Australian Privacy Principles.
Currently, the Act applies to businesses with turnover of $3 million or more, as well as certain smaller businesses. Reforms expected in 2026 may remove the small business exemption, meaning all businesses would need to comply.
Recent enforcement activity includes significant penalties, such as the Federal Court’s $5.8 million penalty against Australian Clinical Labs and findings against Kmart for misuse of facial recognition technology.
In 2026, the OAIC will conduct compliance sweeps across multiple sectors. Non-compliant privacy policies may attract infringement notices of up to $66,000.
Automated decision-making reforms will also take effect from 10 December, requiring expanded privacy policy disclosures where automated decisions significantly affect individuals.
Businesses should review privacy policies annually, ensure consent processes are robust, maintain data breach response plans, and update contracts and internal policies accordingly.
Finally, employment law changes include updates to employment contracts and superannuation. Contracts should comply with the National Employment Standards and relevant awards, clearly setting out roles, duties, employment type, and hours.
From 1 July 2026, employers will be required to pay superannuation at the same time as wages, replacing quarterly payments. Contributions must reach employees’ funds within seven calendar days of payday, with penalties for non-compliance.
That concludes the main part of today’s webinar. We’ll now move to Q&A.
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