Official website for Published Impact Analyses for decisions announced by the Australian Government, Ministerial Forums and National Standard Setting Bodies.
On 13 October 2016 the Government introduced the VET Student Loans Bill 2016 which proposes reforms to the Government’s Vocational Education and Training income contingent loan scheme. Proposed measures include:
On 28 September 2016, the Australian Securities and Investments Commission (ASIC) released new guidance outlining the remaking of Class Order [CO 02/184], which provides conditional relief from the fundraising, managed investment, debenture and licencing provisions of the Corporations Act 2001 to charities and schools that wish to raise funds to assist them meet their objectives.
The Class Order was originally introduced to assist charitable entities and schools to achieve their fundraising objectives. The new Class Order imposes restrictions on short-term and at-call investments to limit reported incidents where investors were engaged in an unexpected level of risk as a result of some charitable entities pursuing higher risk ventures.
On 1 September 2016, the Government introduced the Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016. The bill reduces corporate tax rates, increases the small business income tax offset for unincorporated small businesses, and increases the small business annual turnover threshold from $2 million to $10 million.
The RIS prepared by the Treasury was compliant, but not consistent with best practice under the Government’s RIS requirements because:
On 11 February 2016, the then Minister for Small Business and Assistant Treasurer introduced a bill into Parliament that restricts the commissions that financial advisers receive when selling life insurance products.
The changes are intended to better align the interests of financial advisers and consumers.
The Australian Securities and Investments Commission (ASIC) remade Class Order 02/281 ASX Dematerialised securities traded on Austraclear without significant amendments, on 19 September 2016.
The purpose of Class Order 02/281 is to ensure the equal legislative treatment of e-notes (including electronic certificates of deposit) and e-bills traded on Austraclear Limited to that of their respective paper-based equivalents, promissory notes (including certificates of deposit) and bills of exchange.
Consistent with the Australian Government’s best practice regulation requirements for sunsetting instruments, ASIC has assessed the operation of the Class Order in consultation with affected stakeholders and has certified that it is operating effectively and efficiently.
On 22 September 2016, The Australian Securities and Investments Commission (ASIC) extended seven Class Orders for Foreign Financial Services Providers (FFSPs), collectively known as the FFSP Instruments, without significant amendments for a period of 24 months to allow sufficient time for ASIC to consider all relevant findings from external reviews and inquiries on the settings of the relief provided by these Class Orders.
The Australian Securities and Investments Commission (ASIC) remade seven Class Orders as one instrument, the ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869, without significant amendments, on 19 September 2016.
Class Order 99/463, Class Order 02/185, Class Order 02/245, Class Order 02/303, Class Order 02/304, Class Order 02/305 and Class Order 07/189 collectively provide conditional relief to the serviced strata and management rights scheme operators, from complying with the managed investments and associated provisions contained within the Corporations Act 2001 (Corporations Act).
The Do Not Call Register Regulations 2006 are being remade without significant amendment. The regulations are made under the Legislative Instruments Act 2003 and are scheduled to sunset on 1 April 2017.
The Do Not Call Register is a secure database where individuals and some organisations can register, check or remove their Australian telephone number to opt out of receiving most unsolicited telemarketing calls.
The Department of Communications and the Arts has certified that the instrument in consultation with affected stakeholders is operating effectively and efficiently. In accordance with the Government’s best practice regulation requirements where a Department has certified that an instrument is operating effectively and efficiently a Regulation Impact Statement is not required for the instrument to be remade.