Published Impact Analyses

On 16 December 2011 the Minister for Financial Services and Superannuation announced changes to the prospective tax treatment of foreign managed funds invested in Australian securities.  These changes are in addition to two previous changes.  The first, announced on 17 December 2010, addressed the uncertainties arising from tax positions dating from the inception of many foreign managed funds active in Australia.  The second, announced on 19 January 2011, was in regard to the income tax applicable to foreign funds that use an Australian financial intermediary.

On 4 November 2011, the Standing Council on Transport and Infrastructure agreed to implement the Heavy Vehicle National Law. It is the next step in the national heavy vehicle reform program, following on from the decision to create the Heavy Vehicle National Regulator. At the direction of the Council of Australian Governments (COAG), the Heavy Vehicle National Law is based on the existing ‘model laws’ developed by the National Transport Commission and the states and territories. This initiative aims to enhance national consistency, which should benefit interstate operators by reducing compliance costs. It also introduces new elements to assist the functioning of the National Heavy Vehicle Regulator, such as processes for decision making and review. The Decision Regulation Impact Statement was prepared by the National Transport Commission and assessed as adequate by the Office of Best Practice Regulation.

On 23 September 2011, the Minister for Tertiary Education, Skills, Jobs and Workplace Relations announced a decision to introduce a new Tuition Protection Service and other related measures. The Tuition Protection Service is a single mechanism to place international students when an education provider closes, or as a last resort, to provide refunds of unexpended course fees. A number of complementary initiatives are also being introduced including:

On 13 December, the Minister for Home Affairs and Justice announced laws to reduce the number of dangerous weapons, particularly knives, entering Australia. The regulations were a Government election commitment to introduce controls to combat weapons-related crime and will align border laws with existing state and territory regulations. Knuckle dusters, ballistic or ‘firing’ knives, flick knives, butterfly knives, hand or foot claws and weighted gloves will be banned from import unless the importer can prove that they have legitimate use. Existing import requirements will be streamlined for lower-risk weapons and importers will need to be authorised by the relevant state or territory police to possess the weapon in their jurisdiction.

The South Australian Minister for Manufacturing, Innovation and Trade, as chair of the Competitiveness Council released a report on reducing red tape for business in South Australia. The South Australian State Government program to cut bureaucratic red tape is being carried out in two phases. The first phase to reduce red tape finished $18 million ahead of target with net annual savings to business of $168 million. The second phase of an additional $150 million a year in net cost reductions by April 2012 is well on its way. The costs that the South Australian Government included as red tape include such things as:

On 15 December 2011 the Parliamentary Secretary to the Treasurer announced amendments to personal and corporate insolvency laws. 

The amendments address a wide range of issues that have had a negative impact on the efficiency and effectiveness of the insolvency system.  The regulation of insolvency practitioners has been the subject of a number of reviews. The Senate Economics References Committee inquiry The regulation, registration and remuneration of insolvency practitioners in Australia: the case for a new framework (September 2010)  was critical of a number of areas of the current regulatory framework for corporate insolvency, including the current registration and discipline frameworks, insurance obligations, and remuneration of registered liquidators.

On 12 December 2011, the Minister for Immigration and Citizenship announced reforms to the sanctions regime for allowing non‑citizens to work (or referring for work) who do not have permission to work in Australia or who are working in breach of a visa condition. The existing criminal penalties will be supplemented with new ‘non-fault’ based civil penalty provisions and infringement notices. The proposal will establish an employer sanctions framework designed to maximise voluntary compliance and a graduated series of sanctions where the response can be tailored to the level of non compliance—from education and information, warnings, infringements and civil penalties to criminal prosecution for the most serious of breaches. Defences will be available where an employer/referrer took ‘reasonable steps’ to verify the employee’s work entitlements.

On 22 December 2011, the Office of Best Practice Regulation (OBPR) received correspondence from Senator the Hon Abetz requesting that the OBPR review the Terms of Reference for the Fair Work Review, which is intended to be the Post‑implementation Review for the Fair Work Act 2009 and the Workplace Relations Amendment (Transition to Forward with Fairness) Act 2008. Senator Abetz’s letter expressed concerns that the Terms of Reference were narrow and should be broadened, in line with the requirements for a Post‑implementation Review in the Australian Government’s Best Practice Regulation Handbook. The OBPR has written a letter responding to Senator Abetz concerns with the Terms of Reference for the Fair Work Review, clarifying that the OBPR:

On 4 January 2012, the Minister for Tertiary Education, Skills, Jobs and Workplace Relations registered  new standards for higher education providers on the Federal Register of Legislative Instruments (FRLI). The standards known as the Threshold Standards will be used by the new national higher education regulator, the Tertiary Education Quality and Standards Agency (TEQSA). The Threshold Standards include the:

• Provider Registration Standards;
• Provider Category Standards;
• Provider Course Accreditation Standards; and
• Qualification Standards.

 The Qualification Standards specify the requirements in relation to: