Regulation Impact Statement Updates

ASIC Short Selling Instruments

9th November 2018

Remaking of Sunsetting Instrument without Significant Amendments – Australian Securities and Investment Commission

On 26 September 2018 the Australian Securities and Investment Commission (ASIC) remade the following instruments without significant amendments:

ASIC Class Order 08/764 (due to sunset on 1 October 2018); ASIC Class Order 09/01051 (due to sunset on 1 April 2019); and ASIC Class Order 10/111 (due to sunset on 1 April 2020).

The instruments were remade and...

Export tariff rate quota regulatory streamlining

Aust Gov

8th November 2018

Regulation Impact Statement – Department of Agriculture and Water Resources

On 18 September 2018, the Department of Agriculture and Water Resources (the Department) announced the completion of a Regulation Impact Statement (RIS) on reforms to streamline the administration of export tariff rate quotas (TRQs).

The RIS examined the effectiveness and efficiency of the existing tariff rate quota administration and identified ways to improve the management of all quotas. The RIS...

Better targeting the Research and Development Tax Incentive

Aust Gov

7th November 2018

Regulation Impact Statement – Department of Industry, Innovation and Science

On 20 September 2018, the Government introduced legislation to better target the Research and Development Tax Incentive (R&DTI).

The R&DTI reduces the costs to business of undertaking R&D by offering a tax offset for their eligible R&D activities. The R&DTI aims to increase investment in business R&D beyond that which companies would do on their own. The program recognises that...

ASIC Corporations (Employee Redundancy Funds Relief) Instrument 2015/1150

Aust Gov

6th November 2018

Remaking of Sunsetting Instrument Without Significant Amendments – Australian Securities and Investment Commission

On 18 September 2018 the Australian Securities and Investment Commission (ASIC) remade the above instrument without significant amendments. This instrument was scheduled to sunset on 1 October 2018.

Employee redundancy funds are established to accept contributions from employers in the construction and allied industries, on behalf of employees. Contributions...

Backing Small Business Investment — further extending the immediate tax deductibility threshold

Aust Gov

16th October 2018

Regulation Impact Statement – Department of the Treasury

In the 2018-19 Budget, the Government announced that it would extend the $20,000 instant asset write-off for a further 12 months to 30 June 2019 for businesses with aggregated annual turnover less than $10 million. Enabling legislation, the Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018, was introduced to Parliament on 24 May 2018.

The measure aims to boost for a further year...

Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) 2018 and Excise Tariff Amendment (Collecting Tobacco Duties at Manufacture) Bill 2018

Aust Gov

15th October 2018

Independent Review - Department of the Treasury

On 20 September 2018, the Government introduced the Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Bill 2018 and the Excise Tariff Amendment (Collecting Tobacco Duties at Manufacture) Bill 2018 to provide measures to combat the negative economic and social impact of the black economy.

The Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Bill 2018 will deny income tax deductions for certain...

Pregnancy Warning Labels on packaged Alcoholic Beverages

COAG

12th October 2018

COAG Decision Regulation Impact Statement – Food Regulation Standing Committee

On 11 October 2018, the Australia and New Zealand Ministerial Forum on Food Regulation (the Forum) agreed, based on the evidence, a mandatory labelling standard for pregnancy warning labels on packaged alcoholic beverages should be developed and should include a pictogram and relevant warning statement. The Forum requested Food Standards Australia New Zealand develop this mandatory labelling standard as a...

Migration Amendment (Offshore Resources Activity) Regulations 2018

Aust Gov

10th October 2018

Regulation Impact Statement – Department of Home Affairs

On 2 August 2018, the Government made the Migration Amendment (Offshore Resources Activity) Regulations 2018. The amendments will reduce costs for businesses operating in Australia’s offshore resources sector by allowing certain Maritime Crew Visa (MCV) holders working on petroleum export tankers to participate in, or support, an offshore resources activity in Australia’s migration zone.

More specifically, the amendments...

Therapeutic Goods Order No. 98 – Microbiological Standards for Medicines 2018

Aust Gov

10th October 2018

Remaking of sunsetting instrument without significant amendments – Therapeutic Goods Administration

On 1 October 2018, the Therapeutic Goods Administration (TGA) remade the Therapeutic Goods Order No. 77 – Microbiological Standards for Medicines, which were due to sunset on 1 October 2018, as the Therapeutic Goods Order No. 98 – Microbiological Standards for Medicines 2018 (TGO 98), with only minor amendments.

TGO 98 specifies the minimum microbiological requirements that a...

National Code of Practice for Providers of Education and Training to Overseas Students 2018

Aust Gov

28th September 2018

Regulation Impact Statement – Department of Education and Training

On 4 September 2017, the Minister for Education and Training, under subsection 33(1) of the Education Services for Overseas Students Act 2000 (ESOS Act), made the National Code of Practice for Providers of Education and Training to Overseas Students 2018

The National Code sets nationally consistent standards and procedures for registered providers and for persons who deliver education services on behalf of...