Unfair contract terms protection for small businesses is moving forward after the Bill passed both Houses on 20 October 2015. The protection will be for businesses with less than 20 employees agreeing to standard form contracts valued at less than a prescribed threshold. Once in force, the Act will amend the Australian Securities and Investments Commission Act 2001 (Cth) and Competition and Consumer Act 2010 (Cth).
There will be a 12 month period before the Act commences. This has been designed to provide businesses with time to review and amend their contracts. You can read the Bill here.