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International Law

Australian Regulatory Compliance Review

information about Australian laws, regulations and legal compliance particulartly in the financial services industry

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Last Entry: June 15, 2014 at 16:41:06

Board of Taxation Post-Implementation Reviews

Posted on June 16, 2009
The Assistant Treasurer has announced that the Board of Taxation will undertake post-implementation reviews of certain aspects of the consolidation regime and the provisions relating to the alienation of personal services income. The Board will conduct the alienation of personal...

Tax forward work program

Posted on June 16, 2009
The Government's forward work program sets out the consultation it plans for announced tax measures and indicates the tax legislation it plans to introduce in the 2009 Winter Parliamentary sittings. The forward work program includes: improving the Integrity of Prescribed...

GST state duty reform delayed

Posted on June 16, 2009
A key part of the introduction of GST was the agreement by the state governments to remove state-based duties by 2010. The new Intergovernmental Agreement on Federal Financial Relations contained an agreement by the states to abolish, before 1 July...

ASIC financial services update

Posted on June 14, 2009
In a speech by ASIC Deputy Chairman Jeremy Cooper which could be his last before he becomes chair of the Review into the Governance, Structure,Efficiency and Operation of Australia's Superannuation System he starts his regulatory review of Financial Services by...

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Preparing for your AGM

Posted on June 11, 2009
It's that time of the year: finalise your end of financial year accounts and start thinking about Constitution changes and resolutions for your AGM. And here's what happens if you get it wrong. This is a video (only 33 seconds)...

Sanctions against the former federal republic of Yugoslavia

Posted on June 11, 2009
The Reserve Bank has updated its list of individuals (available here) associated with the former government of the Federal Republic of Yugoslavia who are subject to financial sanctions. Any transactions involving the transfer of funds or payments to, by the...

Small business tax relief

Posted on June 11, 2009
In a recent speech Michael D'Ascenzo, Commissioner of Taxation announced new measures to help small businesses that are having difficulty paying their tax debt: The ATO is providing a 12 month general interest charge (GIC)-free payment arrangement for all businesses...

Austrac: when will it issue a "no action" letter?

Posted on June 08, 2009
Austrac has issue a draft amended guidance note 08/01 giving more details of when it will issue a no action letter rather than grant an exemption request for a breach or anticipated breach of the Anti-Money Laundering and Counter-Terrorism Financing....

Commonwealth Government Ministry changes

Posted on June 06, 2009
Prime Minister Kevin Rudd has announced changes to his Ministry following the resignation of Joel Fitzgibbon and his replacement by Senator the Hon John Faulkner as Minister for Defence. The changes include: Senator the Hon Joseph Ludwig will become Cabinet...

Disclosure of Equity Derivative Products

Posted on June 06, 2009
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has released an industry issues paper, Improving Australia's Framework for Disclosure of Equity Derivative Products, on the issue of the regulation and disclosure of equity derivatives...

Ratings user reforms

Posted on June 06, 2009
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has released a report on ratings user reforms, compiled by Treasury and the Australian Securities and Investments Commission (ASIC), The report contains four recommendations, all of which are accepted by the...

Tightening the Non-Commercial Loan Rules in Division 7A of the Income Tax Assessment Act 1936

Posted on June 05, 2009
The Government has released a Treasury discussion paper on its 2009-10 Budget decision to tighten the non-commercial loan rules in Division 7A of the Income Tax Assessment Act 1936. Division 7A provides tax integrity rules designed to prevent private companies...

Employee share schemes consultation paper and draft bill

Posted on June 05, 2009
The Government has issued a consultation paper and draft legislation on the tax treatment of Employee Share Schemes following criticism of its Budget proposal. The Government proposes to modify the Budget measure as announced to: raise the income threshold for...

SA Lands Titles Office (LTO) News

Posted on June 04, 2009
Mortgage Stamp Duty Stamp duty on mortgages in South Australia will be abolished from 1 July 2009. This will apply to all new loans and further advances that are funded after 1 July 2009. Initially it seems that it will...

Private health insurance coverage

Posted on June 04, 2009
The Senate Community Affairs Committee is conducting an Inquiry into the Private Health Insurance Legislation Amendment Bill 2009 If the Bill is passed, the amendments will add a category of "dependent child" under the Private Health Insurance Act 2007 by...

Fair Work Act unfair dismissal provisions commence 1 July

Posted on June 04, 2009
The Fair Work Act unfair dismissal provisions will commence on 1 July 2009. The Act defines a small business employer for unfair dismissal purposes as being one who employs: until 1 January 2011, less than 15 full time equivalent employees;...

Senate Inquiry into Private Health Insurance

Posted on June 03, 2009
The Senate has referred the The Fairer Private Health Insurance Incentives Bill 2009, the Fairer Private Health Insurance Incentives (Medicare Levy Surcharge) Bill 2009 and the Fairer Private Health Insurance Incentives (Medicare Levy Surcharge ? Fringe Benefits) Bill 2009 to...

New Queensland Freedom of Information regime

Posted on June 02, 2009
The Queensland Parliament has passed the Information Privacy Bill 2009 and Right to Information Bill 2009 to replace its Freedom of Information regime in relation to the right for individuals to access and amend their personal information held by public...

Taxation treatment of disposals of investments by Managed Investments Trusts

Posted on June 02, 2009
The Assistant Treasurer, Chris Bowen MP,has announced the release of a Treasury discussion paper on proposed changes to the taxation treatment of disposals of investments by Managed Investments Trusts (MITs). The discussion paper is seeking comment on the design and...

Taxation treatment of off-market share buybacks

Posted on June 02, 2009
On 12 May 2009 the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, announced that the Government will implement the recommendations made by the Board of Taxation to improve the taxation treatment of...

Access to Share Registers and the Regulation of Unsolicited Off Market Offers

Posted on May 30, 2009
The Minister for Superannuation and Corporate Law has released for public consultation an options paper: Access to Share Registers and the Regulation of Unsolicited Off Market Offers. The paper puts forward a range of options to address the continuing practice...

Review into Australia?s superannuation system

Posted on May 30, 2009
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has announced the details of the Review into the governance, efficiency, structure and operation of Australia?s superannuation system including the membership of the Expert Panel and the Terms of Reference...

ASIC reviews the GFC

Posted on May 30, 2009
In Regulatory issues arising from the financial crisis for ASIC and for market participants, ASIC Chair Tony D'Aloisio argues that " a significant feature of the collapses which have been part of this wealth destruction, has been flawed business models...

Review of Non-Forestry Managed Investment Schemes

Posted on May 30, 2009
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen MP,has released the findings of a review of non-forestry agricultural managed investment schemes (MIS). The review examined the costs and benefits of non?forestry MIS, and assessed whether...

Remuneration policies of ADI's and insurers: draft governance standards

Posted on May 28, 2009
The Australian Prudential Regulation Authority (APRA) has released a consultation package on remuneration for authorised deposit?taking institutions and general and life insurance companies.The consultation package comprises a discussion paper, draft extensions to the governance standards already applying in these industries...

ASIC lifts ban on covered short selling of financial securities

Posted on May 24, 2009
ASIC has lifted the ban on covered short selling of financial securities (as defined in AD08-65 ASIC lifts ban on covered short selling for non-financial securities) from 10am on 25 May 2009. ASIC lifted the ban on covered short selling...

Draft AML/CTF Rules for 'exempt legal practitioner service'

Posted on May 23, 2009
Austrac has issued draft AML/CTF Rules to define the term 'exempt legal practitioner service' under section 5 of the AML/CTF Act. It will apply to legal practitioners who provide designated services relating to 'a custodial or depository service' (item 46)...

Employee share schemes

Posted on May 23, 2009
The Treasurer's announcement on 12 May 2009 of 2 changes to employee share scheme tax concessions has created a lot of publicity suggesting a winding-down of these schemes. The changes (which will apply to shares and options acquired after 7.30pm...

Conduct and disclosure obligations for financial advisers

Posted on May 23, 2009
ASIC has released an updated Regulatory Guide 175 Licensing: Financial product advisers ? Conduct and disclosure (RG 175). The update is a consolidation of guidance previously provided by ASIC, including guidance through ASIC?s frequently asked questions about financial services and...

Weekend video: A different kind of leadership thinking

Posted on May 21, 2009
In this video Ricardo Semler gives examples of longstanding problems and asks why a solution has not been found. For example why are automobiles made essentially the same way today as they were in Ford?s first assembly line 100 years...

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