Regulation Impact Statement Updates

Mandatory Disclosure of Residential Building Energy, Greenhouse and Water Performance – COAG Consultation Regulation Impact Statement – Ministerial Council on Energy

10th August 2011

The Consultation Regulation Impact Statement (RIS) examines whether to introduce mandatory disclosure of building energy, greenhouse and water performance at the point of sale or lease for residential properties. It contains information about the energy, greenhouse and water performance of residential buildings and discusses possible options and impacts.

The Consultation RIS has been assessed as adequate by the Office of Best Practice Regulation.

Submissions are due by 12...

Non-compliance with best practice regulation requirements – Future of Financial Advice 2011 – Treasury

Aust Gov

8th August 2011

On 28 April 2011 the Assistant Treasurer announced a number of reforms following on from the Future of Financial Advice announcement in April 2010. The reforms include: banning all trailing commissions on risk insurance inside superannuation; a requirement for financial advisers to get clients to ‘opt-in’ every two years; a broad ban on volume-based payments from product issuers to financial advisors; allowance for scaled rather than holistic financial advice by the industry; and a ban on...

Removal of Individual Key Management Personnel Disclosure Requirements Regulation Impact Statement – Australian Accounting Standards Board

Aust Gov

1st August 2011

On 7 July 2011, the Australian Accounting Standards Board issued Australian Accounting Standard AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements. This Standard makes amendments to Australian Accounting Standard AASB 124 Related Party Disclosures, including removing individual key management personnel disclosure requirements.

Among the Board’s reasons for removing the disclosure requirements from AASB 124...

Various measures affecting the Antarctic Treaty Area Regulation Impact Statements – Department of Sustainability, Environment, Water Population and Communities

Aust Gov

1st August 2011

On 5 July 2011, Regulation Impact Statements were tabled in Parliament regarding a suite of measures related to the regulation of activity in the Antarctic region. The measures include liability arising from environmental emergencies, landing persons from passenger vessels, and insurance and contingency planning for tourism and non-government activities.

The measures were adopted unanimously by Parties to the Antarctic Treaty. The measures impose a number of obligations on tourist...

Non-compliance with best practice regulation requirements – Revised export control orders to re-open the way for trade in live feeder cattle to Indonesia - Department of Agriculture, Fisheries and Forestry

Aust Gov

1st August 2011

On 6 July 2011, the Minister for Agriculture, Fisheries and Forestry announced that the Government has issued revised export control orders to open trade in live cattle to Indonesia. A new framework for live export has also been developed in partnership with industry and with advice from the Australian Veterinary Association. This framework will only allow Australian animals to be exported to Indonesia where an exporter can show the animals will be treated in accordance with international...

Non-compliance with best practice regulation requirements – Taxation of Financial Arrangements – tax hedging rules — Treasury

Aust Gov

29th July 2011

In the 2011-12 Budget released on 10 May 2011, the Government announced that it would amend the Taxation of Financial Arrangements tax hedging rules to ensure that the rules operate as intended, and to provide further certainty and reduce compliance costs for affected taxpayers.

A Regulation Impact Statement was required to inform the decision as this measure would have a regulatory impact on business compliance costs but was not prepared. Consequently, the Office of Best Practice...

Prime Minister’s exemption – response to Australia’s Future Tax System (Henry) Review — Treasury

Aust Gov

29th July 2011

In the 2011-12 Budget released on 10 May 2011, the Government announced a number of measures. Regulation Impact Statements would have been required for these measures, but on 23 April 2010 the then Prime Minister granted a exceptional circumstances exemption for the Government’s tax reform agenda in response to the Australia’s Future Tax System (Henry) Review.

A post-implementation review for each of these measures will be required within one to two years of their implementation....

Non-compliance with best practice regulation requirements – Reductions in Solar Credits multiplier - Department of Climate Change and Energy Efficiency

Aust Gov

29th July 2011

On 1 December 2010, the Minister for Climate Change and Energy Efficiency announced that the Solar Credits multiplier under the Small-Scale Renewable Energy Scheme would be reduced from 1 July 2011.

On 5 May 2011, the Minister for Climate Change and Energy Efficiency announced further reductions to the Solar Credits multiplier under the Small-Scale Renewable Energy Scheme.

Regulation Impact Statements were required to inform these decisions as these measures would have a...

Non-compliance with best practice regulation requirements – Enhancements from the Review of the Australian Independent Screen Production Sector — Department of the Prime Minister and Cabinet

Aust Gov

29th July 2011

In the 2011-12 Budget released on 10 May 2011, the Government announced that it would implement a package of enhancements to the film tax offsets program.

A Regulation Impact Statement was required as this measure would have a regulatory impact on businesses in the film industry but was not prepared. Consequently, the Office of Best Practice Regulation has assessed the proposal as being non-compliant with the Australian Government’s best practice regulation requirements.

A...

Non-compliance with best practice regulation requirements – Farm Management Deposits — Treasury

Aust Gov

29th July 2011

In the 2011-12 Budget released on 10 May 2011, the Government announced that it would allow primary producers affected by natural disasters to access their farm management deposits within 12 months of making a deposit while retaining concessional tax treatment under the scheme.

A Regulation Impact Statement was required to inform the decision but was not prepared. Consequently, the Office of Best Practice Regulation has assessed the proposal as being non-compliant with the...