Amendment timeline
Corporations Act 2001
Corporations Act 2001 (Cth)
About this Act
The foundational federal Act for Australian corporate law. Covers company formation and governance (Ch 2), directors' duties (ss 180-184), financial reporting and audit (Ch 2M), members and shareholders (Ch 2F), fundraising (Ch 6D), takeovers and schemes (Ch 5-6), insolvency (Ch 5), and financial services and markets (Ch 7 including the AFSL regime). Administered primarily by ASIC, with APRA for prudentially-regulated entities.
- Original Royal Assent
- 28 June 2001
- Original commencement
- 15 July 2001
Amendment timeline
Chronological list, oldest to newest. Each entry cites the legislation.gov.au compilation or as-made source and, where available, regulator guidance.
Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019
Royal Assent
12 March 2019
Commencement
13 March 2019
What changed
Lifted maximum penalties for serious Corporations Act and ASIC Act contraventions to 15 years' jail for individuals, $1.05M for individuals in civil penalties (4,500 penalty units) and the greater of $10.5M, 3x benefit, or 10% of annual turnover up to $525M for body corporates. Came out of the Hayne Royal Commission. Applies prospectively only — contraventions before 13 March 2019 are stuck with the old maximums.
Who's affected
Directors, officers, AFS licensees and credit licensees, listed entities — anyone who can contravene the Corporations Act or ASIC Act.
Treasury Laws Amendment (Reuniting More Superannuation) Act 2021
Royal Assent
22 March 2021
Commencement
23 March 2021
What changed
Required eligible rollover funds (ERFs) to transfer all amounts to the ATO by 31 January 2022, and the ATO to actively reunite unclaimed super with members. Closed off the ERF model that had let trustees park inactive low-balance accounts in pooled funds. Mostly a superannuation industry restructure rather than a directors' duties change.
Who's affected
Superannuation trustees that operated ERFs; ATO; members with lost or low-balance super.
Financial Accountability Regime Act 2023
Financial Accountability Regime Act 2023 + Financial Sector Reform Act 2023 (consequential)
Royal Assent
14 September 2023
Commencement
ADIs: 15 Mar 2024; insurers + super trustees: 15 Mar 2025
What changed
Replaced the Banking Executive Accountability Regime (BEAR) with FAR — a joint APRA-ASIC regime imposing accountability obligations on 'accountable entities' (ADIs, insurers, super trustees) and senior 'accountable persons'. Requires registration of accountable persons, accountability statements and maps, deferred remuneration arrangements (40% deferred for at least 4 years for SFIs), and creates civil penalties for breach of accountability obligations.
Who's affected
All ADIs, general and life insurers, private health insurers, RSE licensees and their senior executives. Significant Financial Institutions (SFIs) face heavier requirements.
Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023
Royal Assent
25 August 2023
Commencement
Various — most provisions 26 Aug 2023
What changed
Permanently allowed electronic execution of company documents, virtual or hybrid AGMs, electronic sending of meeting and member documents, and digital signing of deeds. Made the temporary COVID-era reforms a permanent feature of Ch 2G of the Corporations Act. Also picked up integrity measures on related-party transactions and minor technical amendments across Treasury portfolios.
Who's affected
All companies (public and proprietary), registered schemes, listed entities and their officers.
What's coming next
The Government has flagged a statutory duty of care for digital platforms in proposed Scams Prevention Framework legislation that would amend the Corporations Act regulatory perimeter. A directors' climate disclosure duty flows in from the ASRS regime (Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024). Watch for further continuous disclosure reform following the 2021 reset of the 'fault element' threshold.
Why this matters now
Penalties under the Corporations Act now look like competition penalties — a single significant breach can fund 10% of turnover, and personal penalties of $1.05M apply to directors. The FAR regime caught the insurance and super sectors from March 2025, dragging large parts of the wealth-management industry into a BEAR-equivalent framework for the first time. Boards should also be tracking the climate disclosure cascade from the ASRS.
Frequently asked
Do the strengthened penalties apply retrospectively?
No — the higher maximums apply only to contraventions occurring on or after 13 March 2019 (the day the strengthening Act commenced). A continuous contravention spanning the commencement date is bifurcated.
What's the difference between BEAR and FAR?
BEAR covered ADIs only and was administered by APRA. FAR covers ADIs (since 15 Mar 2024) plus insurers and super trustees (since 15 Mar 2025), is jointly administered by APRA and ASIC, includes a civil penalty regime (BEAR did not), and applies to a broader range of senior accountable persons.
Are wet-signature execution requirements gone for good?
Yes — the Modernising Business Communications Act 2023 made permanent the electronic execution reforms first introduced under COVID emergency rules. Sections 110A-110D of the Corporations Act now permit electronic signing of company documents, deeds and meeting documents.
Who is an 'accountable person' under FAR?
A senior executive of an accountable entity (ADI, insurer or RSE licensee) who has actual or effective senior executive responsibility for management or control of a significant or substantial part of the entity's business or operations. Examples: CEO, CFO, CRO, head of internal audit, head of compliance, board members.
What happens if a director breaches the s 180 duty of care now?
Civil penalty of up to $1.05M for an individual (the Federal Court can pierce s 1317S relief if there's no honest-and-reasonable defence), plus a disqualification application under s 206C and possible compensation order under s 1317H. Criminal exposure under s 184 requires recklessness or intentional dishonesty.
Other amendment timelines
Rules Mate summarises and links to legislation.gov.au and regulator guidance. We do not republish statutory text. Every date in this timeline has been verified against the Federal Register of Legislation as at 6 June 2026. Always verify against the live source before acting. Compliance tools, not legal advice. Consult a qualified professional.