Professional standards legislation (PSL) in Queensland, Victoria, the Northern Territory and Tasmania differs from legislation in other states and territories with the penalty for non-disclosure of your limited liability.
Certificate holders in Queensland and Victoria have a 12 month transition period to adopt the disclosure statement on their business stationery. Liability will not be limited until your limited liability is disclosed to your clients.
The legislation states that a scheme does not limit the liability of a person (the professional) to the client if the professional did not disclose to the client that their professional liability was limited.
