Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Improving the collection of GST on property transactions
Regulation Impact Statement – Australian Taxation Office
On 7 February 2018 the Government introduced the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 (the Bill) to Parliament.
The Bill requires purchasers of new residential premises and new subdivisions to remit GST to the Australian Taxation Office (ATO) at the time of settlement, rather than in their next Business Activity Statement (BAS) statement, which could be several months after settlement. This change...
Reducing the Financial Reporting Burden: A Second Tier of Requirements for General Purpose Financial Statements
Post–implementation Review – Australian Accounting Standards Board
In June 2010 the Australian Accounting Standards Board (AASB) issued AASB 1053 Application of Tiers of Australian Accounting Standards. This was intended to offer in Australian Accounting Standards a way of permitting most types of entities to reduce the cost of preparing General Purpose Financial Statements in accordance with Accounting Standards yet still provide adequate information for the users of the financial...
Domestic Commercial Vessel Survey Regime
Australian Maritime Safety Authority
On 31 January 2018, the Australian Maritime Safety Authority announced changes to vessel survey requirements. The changes align survey frequency with risk on an individual vessel basis, provide for greater flexibility to reduce the number of out-of-water surveys required, and allow surveys to be more easily aligned with other vessel maintenance activities.
The RIS indicates that the preferred option represents an estimated $97 million in...
Refrigerated Display and Storage Cabinets
COAG Energy Council
On 24 November 2017, the COAG Energy Council agreed to changes to energy efficiency regulation for refrigerated display and storage cabinets.
The changes will increase Minimum Energy Performance Standard (MEPS) for commercial refrigerated display cabinets and refrigerated storage cabinets to harmonise with MEPS levels adopted by Europe in 2017. In addition, the changes will result in adopting international test standards, rather than a regionally specific...
Review of the National Safety and Quality Health Standards
Decision Regulation Impact Statement – Department of Health
This Decision Regulation Impact Statement (RIS) is the final stage of a consultation process undertaken by the Australian Commission on Safety and Quality in Health Care (the Commission) to review the first edition of the National Safety and Quality Health Service (NSQHS) Standards.
The NSQHS Standards are designed to protect the public from harm and to improve the quality of health care for consumers.
Abolition and Replacement of 457 visas
In April 2017, the Government announced its decision to replace the 457 visa with a Temporary Skill Shortage visa for short and medium to long term skill shortages.
A RIS was prepared by the then Department of Immigration and Border Protection in compliance with the Australian Government RIS requirements. However the level of analysis in the RIS used to inform decision makers was not commensurate with the potential impacts. For example, the longer term impact on the competitiveness...
Australian Capital Territory Container Deposit Scheme
COAG Consultation Regulation Impact Statement - Transport Canberra and City Services Directorate
The Transport Canberra and City Services Directorate (TCCS) of the Australian Capital Territory (ACT) Government has released for public consultation a Council of Australian Governments (COAG) regulation impact statement (RIS) examining permanent exemption from mutual recognition arrangements for the ACT Container Deposit Scheme (CDS).
The ACT CDS legislation imposes certain...
Australian Design Rule 33/01 – Brake Systems for Motorcycles and Mopeds
Department of Infrastructure and Regional Development
On 18 November 2017, the Minister for Urban Infrastructure approved the Australian Design Rule 33/01 – Brake Systems for Motorcycles and Mopeds. Advanced braking systems (such as Anti-lock Braking Systems (ABS) and Combined Braking Systems (CBS) will be required to be fitted to new bikes from November 2019.
The option to mandate ABS/CBS is estimated to deliver net benefits of $1.62 billion over 35 years due mainly to the...
Extending Immediate Deductibility Threshold For Small Businesses
Independent review – The Treasury
In the 2017-18 Budget, the Government announced that it would extend the $20,000 instant asset write-off by 12 months to 30 June 2018 for small businesses with aggregated annual turnover less than $10 million.
The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2017 was introduced on 25 May 2017.
The Bill amends the Income Tax Assessment Act 1997, the Income Tax (Transitional Provisions...
Revised Framework to Allow Mutually Owned ADIs to Issue Instruments That May Be Included in Common Equity Tier 1 Capital
Independent Review – Australian Prudential Regulation Authority
On 30 November 2017, the Australian Prudential Regulation Authority released its revised framework to allow mutually owned authorised deposit-taking institutions (ADIs) to directly issue instruments that may be included in Common Equity Tier 1 (CET1) capital.
The revised Prudential Standard 111 Capital Adequacy: Measurement of Capital (APS 111) allows mutually owned ADIs (credit unions, building societies and...