LEGAL UPDATE: 68 countries have signed up to a multilateral instrument (MLI) which will change the interpretation of over 1000 double tax treaties to counter international tax avoidance and to improve the resolution of international tax disputes. The signatories include almost all EU countries, as well as Russia, China, Hong Kong, India, South Africa, Australia, Turkey, Switzerland and Singapore, but not the US.
LEGAL UPDATE: New data breach notification rules came into effect in Australia on 22 February 2018. The notifiable data breach scheme requires many organisations to notify Australia's information commissioner, as well as affected individuals, when data breaches occur that are likely to result in serious to harm to individuals whose data is breached. The new mandatory notification requirements replace the previous voluntary reporting system.
Organisations risk exposure to significant fines if they fail to disclose data breaches they are required to. It is therefore important that they are aware of their obligations under the Privacy Amendment (Notifiable Data Breaches) Act 2017 and take preventative measures to enhance their information security, and implement effective procedures to mitigate damage if a breach does occur.