NEW PRIVACY LAWS COMMENCED 12th MARCH!
As of today the Australian Privacy Principles (APPs) will replace the National Privacy Principles and Information Privacy Principles.
This privacy reform does not apply to small businesses with an annual turnover of 3 million or less.
However, Real estate agencies with a turnover greater than $3 million (income from all sources) MUST comply with the Privacy Act and the new changes.
In our opinion we recommend all agencies have a set of policies and procedures that comply with the new legislation as we collect information for the benefit/advantage or service of someone else. We also gather a lot of information for the benefit of the Vendor/Owner from prospective Buyers/Tenants.
One of the requirements of the new privacy principles is that organisations destroy personal information after it is no longer required. However, the PS and BA Act requires that agencies keep all records for at least 3 years and the tax act requires that they keep certain records (e.g. Rental records) for a minimum of 5 years.)