Published Impact Analyses

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 any soft-dollar benefits from product issuers to advisors above $300 (with certain exclusions). An adequate Regulation Impact Statement (RIS) was prepared on the broad ban on volume based payments from product issuers to financial advisers under the previous best practice regulation guidelines and is required to be published upon tabling of the regulations.  RISs were prepared for the various other reforms but were not assessed as adequate for the decision-making stage.

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 are that these disclosures: 

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 operators in the Antarctic region, including requiring tourist operators (whether by boat or plane) to undertake contingency/accident planning, maintain adequate insurance or other financial security and carry/land only a certain number of passengers at one time.  To implement these obligations domestically, amendments are required to the Antarctic Treaty Act 1960 (Cth) and the Antarctic Treaty (Environment Protection) Act 1980 (Cth).

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 animal welfare standards, right through to the point of slaughter. A Regulation Impact Statement was required for the decision to issue revised export control orders but was not prepared. The Office of Best Practice Regulation has assessed the proposal as being non-compliant with the Australian Government’s best practice regulation requirements.

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 Regulation has assessed the proposal as being non-compliant with the Australian Government’s best practice regulation requirements. A post-implementation review for this measure will be required within one to two years of its implementation.

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. These measures included the following:

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 regulatory impact on businesses but were not prepared.  Consequently, the Office of Best Practice Regulation has assessed the proposals as being non-compliant with the Australian Government’s best practice regulation requirements.

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 post-implementation review for this measure will be required within one to two years of its implementation.

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 Australian Government’s best practice regulation requirements. A post-implementation review for this measure will be required within one to two years of its implementation.

On 22 June 2011, the Minister for Home Affairs and the Minister for Trade announced changes to Australia’s Anti-Dumping and Countervailing System. Dumping occurs where a company exports its goods to Australia at a price below the price it charges in its home market or below cost.  Where that dumping materially injures an Australian business producing similar goods, additional Customs duties can be applied as a remedy. Countervailing duties may be imposed on imports subsidised by foreign governments that cause or threaten material injury to an Australian producer of 'like goods'.