Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Black-economy - Increasing the integrity of Government procurement
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
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
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
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
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
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
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 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
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
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...