Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
Independent Review – Department of Health
On 6 October, as part of the 2020-21 Budget, the Australian Government announced it will establish a unique device identification database for medical devices.
The unique device identification database will be administered by the Therapeutic Goods Administration and the information can be used to support tracking and tracing of medical devices to enable timely clinical and regulatory actions if medical device safety issues occur.
Regulation Impact Statement – The Treasury
On 6 October 2020, as part of the 2020-21 Budget, the Government announced it will temporarily allow companies with a turnover of up to $5 billion to offset tax losses against previous profits on which tax has been paid. Normally, businesses would have to return to profit before they can use their losses. However under this measure, losses incurred to June 2022 can be offset against prior profits made in or after the 2018-19 financial year.
Temporary loss carry-back is being proposed in conjunction with temporary full expensing to encourage business investment and to support businesses to withstand and recover from the economic effects of COVID-19.
The Office of Best Practice Regulation (OBPR) assessed the Regulation Impact Statement (RIS) prepared by the Treasury as adequate against the Government’s Regulatory Impact Analysis (RIA) requirements, but not consistent with good practice.
Independent Review – Australian Accounting Standards Board
On 19 July 2017, the Australian Accounting Standards Board (AASB) approved AASB 17 Insurance Contracts. When first approved by the AASB, the Standard applied to periods beginning on or after 1 January 2021. As a result of amendments made in July 2020 through AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, AASB 17 was deferred and now applies to periods beginning on or after 1 January 2023. Earlier application is permitted.
Regulation Impact Statement – Australian Securities and Investments Commission
On 30 July 2020, the Australian Securities and Investments Commission (ASIC) issued Regulatory Guide 271 Internal dispute resolution which, upon its commencement on 5 October 2021, will replace Regulatory Guide 165 Licensing: Internal and external dispute resolution for financial firms. Among other changes, Regulatory Guide 271 reduces the mandatory maximum timeframes for the resolution of customer complaints through internal dispute resolution (IDR) processes.
Independent Review – The Treasury
On 6 October 2020, as part of the 2020-21 Budget, the Government responded to the Board of Taxation’s (the Board’s) final report on its review of the operation of Australia’s corporate tax residency rules, announcing that it will adopt the Board’s key recommendations.
The Government will amend the law to provide that a company which is incorporated offshore will be treated as an Australian tax resident if it has a ‘significant economic connection to Australia’. This test will be satisfied where both: the company’s core commercial activities are undertaken in Australia; and its central management and control is also in Australia.
This change will mean the treatment of foreign incorporated companies will reflect the corporate residency position prior to the 2016 High Court decision in Bywater Investments Ltd and Ors v Commissioner of Taxation.
Remaking of Sunsetting Instrument without Significant Amendments – Australian Communications and Media Authority
On 23 September 2020, the Australian Communications and Media Authority (ACMA) remade with only minor amendments the Broadcasting Services (Primary Commercial Television Broadcasting Service) Declaration 2010, which was due to sunset on 1 October 2020. The newly remade Broadcasting Services (Primary Commercial Television Broadcasting Service) Declaration 2020 will now sunset on 1 October 2030.
Consistent with Government’s best practice regulation requirements for sunsetting instruments, the ACMA has, after consultation with stakeholders, assessed the instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this instrument.
ASIC Class Order [CO 10/381]; ASIC Class Order [CO 10/1230] – Australian Securities and Investments Commission
On 30 September 2020 the Australian Securities and Investments Commission (ASIC) remade the above instruments without significant amendments. ASIC Class Order [CO 10/381] and ASIC Class Order [CO 10/1230] had been scheduled to sunset on 1 October 2020 and 1 April 2021 respectively.
ASIC Class Order [CO 10/381] gives effect to the intention of Item 39A of Schedule 2 of the National Consumer Credit Protections (Transitional and Consequential Provisions) Act 2009, where all unlicensed carried over instrument lenders (UCOILs) are required to provide certain specified information to ASIC.
Regulation Impact Statement – Department of Agriculture, Water and the Environment
On 6 October 2020 the Australian Government announced the proposal to harmonise and streamline plant export regulation, as part of Budget 2020/21.
The RIS assesses the burden that existing regulations place on Australian plant product exporters. Mainly, that existing regulations are complex and variable and place unnecessary costs onto business. The RIS considers a variety of related but separate opportunities, including:
Regulation Impact Statement – Department of Agriculture, Water and the Environment
On 6 October 2020 the Australian Government announced the proposal to modernise the regulation of meat exports by partly removing regulatory burden and rewarding compliant regulated entities, as part of Budget 2020/21.
The RIS assesses the cost that existing regulations place on Australian meat processes, which render the relevant Australian businesses at a global disadvantage against international competitors. The RIS proposes three options:
Regulation Impact Statement – Department of Infrastructure, Transport, Regional Development and Communications
On 30 September 2020, the Minister for Communications, Cyber Safety and the Arts, the Hon Paul Fletcher MP announced changes to streamline and simplify the drama, documentaries and children’s content ‘sub-quota’ Australian content rules for broadcasters.