Regulation Impact Statement Updates

Short Term Forward Market for electricity derivatives

13th December 2019

COAG Consultation Regulation Impact Statement – Australian Energy Market Commission

On 12 December 2019, the Australian Energy Market Commission (AEMC) released a draft rule determination for the Short Term Forward Market rule change request (ERCO259). The AEMC has determined not to make a draft rule in relation to introducing a voluntary short term forward market (STFM) in the national electricity market (NEM).

On 20 December 2018, the Australian Energy Market Operator (AEMO)...

National register of enduring power of attorney instruments

COAG

12th December 2019

Non-compliance with COAG’s best practice regulation requirements – Council of Attorneys-General (CAG)

On 29 November 2019, the Council of Attorneys-General (CAG) agreed to pursue a staged approach to enduring power of attorney reform for financial decisions, first focusing on law reforms to support the establishment of a mandatory national register of enduring power of attorney instruments, followed by further consideration of reforms to enhance safeguarding provisions and enhance...

Demand Management Incentive Scheme and Innovation Allowance for TNSPs

COAG

6th December 2019

COAG Decision Regulation Impact Statement – Australian Energy Market Commission

On 5 December 2019, the Australian Energy Market Commission (AEMC) released a final rule determination in which it decided to apply a demand management innovation allowance mechanism (DMIA) to electricity transmission network service providers (TNSPs).

Research and development (R&D) in energy transmission can deliver overall benefits to consumers in the long term, but imposes high up-front...

Product Grants and Benefits Administration Regulations 2019

Aust Gov

29th November 2019

Remaking of sunsetting instrument without significant amendments – Department of the Treasury

On 5 September 2019, the Governor‑General remade without significant amendments the Product Grants and Benefits Administration Regulations 2000, which were due to sunset on 1 October 2019. The newly remade Product Grants and Benefits Administration Regulations 2019 are scheduled to sunset on 1 October 2029.

The Regulations prescribe additional requirements for registration to be...

A New Tax System (Goods and Services Tax) Amendment (Transition) Regulations 2019

Aust Gov

29th November 2019

Remaking of sunsetting instrument without significant amendments – Department of the Treasury

On 19 September 2019, the Governor‑General made the A New Tax System (Goods and Services Tax) Amendment (Transition) Regulations 2019. The Regulations amend the A New Tax System (Goods and Services Tax) Regulations 2019 to continue provisions from the A New Tax System (Goods and Services Tax Transition) Regulations 2000 that may have some further operation, and which were due to sunset on 1...

Taxation Administration (Private Ancillary Fund) Guidelines 2019

Aust Gov

28th November 2019

Remaking of sunsetting instrument without significant amendments – Department of the Treasury

On 16 September 2019, the Assistant Minister for Finance, Charities and Electoral Matters remade with only minor amendments the Private Ancillary Fund Guidelines 2009, which were due to sunset on 1 October 2019. The newly remade Taxation Administration (Private Ancillary Fund) Guidelines 2019 are scheduled to sunset on 1 October 2029.

The Guidelines set out the rules a private...

A New Tax System (Luxury Car Tax) Regulations 2019

Aust Gov

28th November 2019

Remaking of sunsetting instrument without significant amendments – Department of the Treasury

On 5 September 2019, the Governor‑General remade with only minor amendments the A New Tax System (Luxury Car Tax) Regulations 2000, which were due to sunset on 1 October 2019. The newly remade A New Tax System (Luxury Car Tax) Regulations 2019 are scheduled to sunset on 1 October 2029.

The Regulations support the operation of the luxury car tax by:

defining when a vehicle is an ‘...

A New Tax System (Wine Equalisation Tax) Regulations 2019

Aust Gov

28th November 2019

Remaking of sunsetting instrument without significant amendments – Department of the Treasury

On 5 September 2019, the Governor-General remade with only minor amendments the A New Tax System (Wine Equalisation Tax) Regulations 2000, which were due to sunset on 1 October 2019. The newly remade A New Tax System (Wine Equalisation Tax) Regulations 2019 are scheduled to sunset on 1 October 2029.

The Regulations support the operation of the Wine Equalisation Tax by:

permitting...

Regulating Conditional Discounting

COAG

27th November 2019

COAG Consultation Regulation Impact Statement – Australian Energy Market Commission

On 21 November 2019, the Australian Energy Market Commission (AEMC) released a draft rule determination for the National Energy Retail Amendment (Regulating Conditional Discounting) Rule to amend the National Energy Retail Rules to limit the level of conditional discounts in energy retail contracts. The draft rule restricts conditional discounts and conditional fees to the "reasonable costs" the...

Smart Demand Response Capabilities for Selected Appliances

COAG

26th November 2019

Non-compliance with COAG’s best practice regulation requirements – COAG Energy Council

On 22 November 2019, the COAG Energy Council agreed to introduce demand response capability requirements for air conditioners, electric storage water heaters (resistive), devices controlling swimming pool pump units, and electric vehicle charger/discharger controllers.

COAG best practice regulation requirements apply to decisions by ministerial councils or other bodies where there is a...