* It is illegal for a platform to provide children with a social media account, not for the child to create an account. Circumvention of this by the child is not illegal.
* No grandfathering - all accounts under 16 once this takes effect (which won't be until this time next year at earliest) must be deactivated.
* Maximum fine (per instance?) is 50 million AUD (about 32 million USD)
* The legislation is vague on the technical details, although it does specifically mandate that platforms cannot use government-issued ID of any kind (including digital ID).