Competitive neutrality requires that government business activities should not enjoy any net competitive advantages simply by virtue of public sector ownership. This allows market competition to drive the efficient production of goods and services by the lowest cost business.
The Government has released for public consultation a further tranche of draft regulations and associated explanatory material relating to the superannuation reform package.
The draft regulations relate to:
Prescribing the subsidiary objectives of the superannuation system
On 20 April 2016, the Government announced that it would introduce an industry funding model for ASIC, commencing in the second half of 2017. The Government is committed to consulting extensively with industry to refine and settle the model.
This consultation process seeks stakeholder views on...More
The Government agreed to support the development of more efficient retirement income products and to facilitate trustees offering these products to members, in response to the Financial System Inquiry.
These products were labelled by the Murray Inquiry (Financial System Inquiry) as...More
On 31 March 2016, Consumer Affairs Ministers agreed to the introduction of an information standard requiring eggs labelled as 'free range' to have been laid by hens that had meaningful and regular access to an outdoor range, and were subject to an outdoor stocking density of 10,000 hens per...More
The Australian Government welcomes feedback from all interested stakeholders on the issues outlined in this paper. As part of its National Innovation and Science Agenda, the Government has recently released the exposure draft of a measure to amend the Corporations Act 2001 (Corporations Act) so...More
On 4 May 2016, the Minister for Revenue and Financial Services announced that the Government will consider non-resident withholding taxes on collective investment vehicles (CIVs) in this financial year.
The Government invites interested parties to consider the policy proposals and make a...More
The Government has released exposure draft legislation and associated explanatory material that would amend the goods and services tax (GST) law to give effect to the 2016-17 Budget decision to apply GST to low value goods imported by consumers.
From 1 July 2017, the law will require overseas...More
On 2 April 2015 the Government announced that it would implement recommendations made by the Board of Taxation to improve the debt and equity tax rules.
The debt and equity tax rules classify financing schemes as debt or equity according to their economic substance and contain integrity rules...More
Please note that consultation has been extended for all schedules in the Exposure Draft bill except Schedule 7 (Misuse of market power) . Comments related to the drafting of Schedule 7 must be received by 5pm, 30 September 2016.
Stakeholders are welcome to provide feedback on schedules 1 to 6...More
The Government has released for public consultation the third round of exposure draft legislation and explanatory material to lower the annual non-concessional contributions cap to $100,000 and restrict eligibility to make non-concessional contributions to individuals with superannuation balances...More
The Government has released for public consultation the second round of exposure draft legislation and explanatory material to implement the following superannuation measures announced in the 2016-17 Budget:
Introduce a $1.6 million transfer balance cap and transitional arrangements...More
On 20 April 2016, the Australian Government announced a review of the financial system’s external dispute resolution and complaints framework. An expert panel comprised of Professor Ian Ramsay, Ms Julie Abramson and Mr Alan Kirkland is undertaking the review.
The review is being conducted to...More
As announced on 15 September 2016 , the Government has decided not to proceed with the harmonisation of contribution rules for those aged 65 to 74.
The Government has released for public consultation the exposure draft legislation: Superannuation (Objective) Bill 2016; Treasury Laws Amendment...More