Regulation Impact Statement Updates

Gift Card Expiry Dates

29th November 2018

Decision Regulation Impact Statement – Legislative and Governance Forum on Consumer Affairs

The Legislative and Governance Forum on Consumer Affairs has endorsed an Australian Government proposal to amend the Australian Consumer Law to regulate the expiry period for retail gift cards and vouchers. The Treasury Laws Amendment (Gift Cards) Act 2018 has been passed by the Parliament and was given Royal Assent on 26 October 2018. It will apply to gift cards supplied on or after 1 November...

Consumer Guarantees

COAG

29th November 2018

Decision Regulation Impact Statement – Legislative and Governance Forum on Consumer Affairs

On 26 October 2018, the Legislative and Governance Forum on Consumer Affairs agreed to amendments to the consumer guarantees framework within the Australian Consumer Law (ACL).

The amendments arise from a review of the ACL that found the ACL to be generally beneficial and fit-for-purpose, but there were some ongoing difficulties with the operation of the consumer guarantee provisions....

Tax treatment of stapled structures

Aust Gov

28th November 2018

Regulation Impact Statement – Department of the Treasury

On 20 September 2018, the Government introduced legislation to protect the integrity of Australia’s corporate tax system by addressing risks posed by stapled structures and similar arrangements. The package implements the measures announced in the then Treasurer’s press release of 27 March 2018 (with respect to the staples integrity measures) and addresses the Government’s previous announcements on managed investment trusts (...

Copyright Website Blocking Scheme

Aust Gov

28th November 2018

Regulation Impact Statement – Department of Communications and the Arts

On 18 October 2018, the Government introduced the Copyright Amendment (Online Infringement) Bill 2018 to amend the online copyright infringement scheme.

The Bill amends section 115A of the Copyright Act 1968 to enable copyright owners to more effectively enforce their rights by blocking Australian users from accessing overseas online locations that facilitate large-scale infringement of copyright. The...

Black-economy - Increasing the integrity of Government procurement

Aust Gov

28th November 2018

Independent Review - Department of the Treasury

On 20 November 2018, the Department of the Treasury released draft procurement connected policy (PCP) guidelines for consultation.

The PCP Guidelines set out key components to increase the integrity of Commonwealth Government procurement to reduce black economy activity in the supply chain. Supply chain integrity can be compromised due to illegal supplier practices that can be unknown to the purchaser at the time of procurement or...

ASIC Short Selling Instruments

Aust Gov

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...