Economy and Finance

October 2017

Banking executive draft legislation sparks protests – October 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

The federal Government, acting on its commitment to strengthen accountability in the banking system, has released exposure draft legislation for its proposed Banking Executive Accountability Regime (BEAR).

September 2017

ASIC powers need to be extended for Banking Executive Accountability Regime – September 2017

Filed under: Economy and Finance, Financial Regulation,

The Government has welcomed the release by the ASIC Enforcement Review Taskforce of a position paper titled ‘ASIC’s power to ban senior officials in the financial sector’.

Tougher rules on credit card surcharges from 1 September 2017 – September 2017

Filed under: Economy and Finance, Banking, Trade and industry, Business,

The Government’s ban on excessive credit card surcharging for all businesses took effect from 1 September.

Increased powers proposed for APRA in financial crises – September 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

The federal Government has released draft legislation to overhaul the powers of the Australian Prudential Regulation Authority (APRA) during times of financial crisis.

August 2017

Government welcomes New Zealand multi-national anti-tax avoidance move – August 2017

Filed under: Economy and Finance, Tax, Politics, Australian Politics,

The Federal Government has welcomed New Zealand’s decision to join Australia in tackling multinational tax avoidance.

Open Banking Review publishes issues paper – August 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

Treasurer Scott Morrison has released an Issues Paper, prepared by the Open Banking Review seeking feedback on the best approach for implementing an Open Banking framework for Australian customers.

Black Economy Taskforce Consultation Paper published – August 2017

Filed under: Economy and Finance, Economy,

The Black Economy Taskforce has published a paper listing dozens of policy ideas derived from its months of public consultation, and seeking further public input.

Government review to recommend on greater consumer control of banking data – August 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

The Federal Government has commissioned an independent review to recommend the best approach to implement an Open Banking regime in Australia, with the report due by the end of 2017.

Draft legislation to allow more financial institutions to call themselves ‘banks’ – August 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

The Federal Government has published draft legislative changes designed to allow wider use of the term ‘bank’.

New super reforms aim for increased transparency and accountability – August 2017

Filed under: Economy and Finance, Superannuation, Politics, Australian Politics,

The Minister for Revenue and Financial Services, Kelly O’Dwyer, has announced that the Government will introduce legislation to give “everyday” Australians more power over their superannuation providers.

Transition team appointed for unified financial services complaints body – August 2017

Filed under: Economy and Finance, Financial Services,

The Government has formed a transition team to lead to the establishment of the Australian Financial Complaints Authority (AFCA), announced in May.

Tax administration regulations to be updated – August 2017

Filed under: Economy and Finance, Tax,

The Treasury has begun a consultation process for replacement of the Taxation Administration Regulations 1976 are due to expire on 1 October because of ‘sunset’ provisions.

July 2017

Consultation paper published on banking executive accountability regime – July 2017

Filed under: Economy and Finance, Banking,

Financial Services Minister Kelly O’Dwyer has released a consultation paper outlining the key features of the Banking Executive Accountability Regime announced in the 2017-18 Budget and the proposed approach for its implementation.

Government to prevent employers using salary sacrifice to reduce SG payments – July 2017

Filed under: Economy and Finance, Superannuation, Politics, Australian Politics,

The Government will seek to legislate to close a loophole that it says could be used by unscrupulous employers to short‑change employees who choose to make salary sacrifice contributions into their superannuation accounts.

June 2017

Review of tax deductible gift arrangements could hit environmental groups – June 2017

Filed under: Economy and Finance, Tax, Environment and Indigenous Affairs, Environment, Politics,

Finance Minister Mathias Cormann has released a discussion paper outlining a number of proposals aimed at strengthening governance arrangements for deductible gift recipient (DGR) organisations.

Legislation passed with technical updates to 2016 superannuation caps – June 2017

Filed under: Economy and Finance, Superannuation, Tax, Politics, Australian Politics,

Legislation making detailed administrative changes to a number of superannuation reforms announced in the 2016 Budget, including the limit of $1.6 million on the balance transferred to the tax-free pension phase of all superannuation accounts, has passed Parliament.

Treasurer returns fire in banks campaign – July 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

Treasurer Scott Morrison has said Budget measures affecting the banks makes them more accountable and will keep their behaviour in check.

Government reduces Future Fund investment target – July 2017

Filed under: Economy and Finance, Economy, Politics, Trade and industry, Investment,

The federal Government has reduced the Future Fund’s long-term target return by 50 basis points, reflecting “changed global investment market conditions”.

May 2017

Senior ATO official caught up in $165 million tax fraud – May 2017

Filed under: Economy and Finance, Tax, Politics, Australian Politics,

A senior Australian Tax Office official is entangled in a major fraud investigation involving his son in which $165 million was allegedly stolen from the Commonwealth.

Questions raised about revenue amount from bank levy – May 2017

Filed under: Economy and Finance, Banking, Tax, Politics, Australian Politics,

The federal Government is facing a potential $2 billion hole in its budget forecasts, according to the big four banks, who have released their estimates of how much the new bank levy would cost them.

Consultation on financial disputes framework – May 2017

Filed under: Economy and Finance, Financial Regulation, Politics, Australian Politics,

The federal Government has released a new framework for the resolution of financial disputes and invited public comment.

FOFA Financial Advice reforms under review – May 2017

Filed under: Economy and Finance, Financial Advice, Politics, Australian Politics,

The federal Treasury is seeking stakeholder submissions on a Consultation Paper prepared as part of a Post Implementation Review (PIR) of five measures enacted as part of the Future of Financial Advice reforms.

New universities reform package scraps fee deregulation – May 2017

Filed under: Economy and Finance, Financial Regulation, Employment and Education, Education, Politics,

Federal Education Minister Simon Birmingham says the Government will seek to drive better outcomes for both students and taxpayers as part of its latest suite of higher education reforms.

Productivity Commission to examine GST distribution – May 2017

Filed under: Economy and Finance, Economy, Politics, Australian Politics,

Treasurer Scott Morrison has directed the Productivity Commission to examine the impact on the economy of the system that underpins the distribution of GST revenue to the States and Territories.

Consultation opened on draft regulations for ASIC industry funding – May 2017

Filed under: Economy and Finance, Finance, Financial Regulation, Trade and industry, Regulation,

The federal Government has released draft regulations on the operation of the industry funding model for the Australian Securities and Investments Commission (ASIC).

Budget Overview and Economic outlook – May 2017

Filed under: Economy and Finance, Economy, Politics, Australian Politics, Budget,

As foreshadowed by Treasurer Scott Morrison the week before the Budget this year’s Budget highlights the net operating balance alongside the underlying cash balance to reflect those Government payments which contribute to recurrent expenditure.

Company and business taxation – May 2017

Filed under: Economy and Finance, Tax, Politics, Australian Politics, Budget,

The Budget extends the 2015-16 Budget measure expanding accelerated depreciation for small businesses by 12 months to 30 June 2018 for businesses with aggregated annual turnover less than $10 million.

Personal Taxation – May 2017

Filed under: Economy and Finance, Tax, Politics, Australian Politics, Budget,

The Budget will raise $8.2 billion over the four year Forward Estimates by increasing the existing Medicare levy across all incomes.

Superannuation – May 2017

Filed under: Economy and Finance, Superannuation, Politics, Australian Politics, Budget,

The Government will encourage older Australians to free up housing stock by enabling downsizers over the age of 65 to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.

Housing affordability – May 2017

Filed under: Economy and Finance, Tax, Politics, Australian Politics, Budget,

The Government announced the capital gains tax discount for investments in affordable housing will increase to 60 per cent.

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