The Australian Regulatory Compliance Review keeps Australian businesses informed about legal and regulatory impacts. The author, David Jacobson, is an Australian commercial lawyer with Jacobson Consultin.
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The Australian Government has released a discussion paper to seek views on possible reforms to contract law. The paper considers whether Australian contact law could be reformed to: enhance accessibility, certainty and simplicity set standards of conduct better support innovation and participation...
The Insurance Contracts Amendments Bill 2012 (the Bill) has been passed by both Houses of Parliament. The Bill introduces a legislative framework to establish regulations for: a standard definition of “flood” for riverine flooding in insurance contracts of home building and home...
The Do Not Call Register (Duration of Registration) Specification (No. 1) 2010 (Amendment No. 1 of 2012) extends the current registration period for domestic telephone numbers from 5 years to 6 years. The Register commenced on 31 May 2007 and the Do Not Call Register Act initially prescribed...
The ATO has issued Taxation Determination TD 2012/1 in relation to ‘investment loan interest payment’ arrangements (commonly called split loans). The Determination states that Part IVA of the Income Tax Assessment Act 1936 can apply to deny a deduction for some, or all, of the interest...
Although the Government has not yet responded to the Committee Reports on the Bills it has proposed limited amendments to the FOFA Bills including: to the Corporations Amendment (Future of Financial Advice) Bill 2011 (Tranche 1): changing the fee disclosure statement requirement by omitting...
ASIC has released Consultation Paper 176 Review of ASIC policy on platforms: Update to RG 148 (CP 176) which proposes changes to Regulatory Guide 148 Investor Directed Portfolio Services (RG 148). ASIC proposes additional requirements for platform operators to protect investor rights associated...
We have set up a dedicated category for information about Australia’s Future of Financial Advice reforms which are due to commence on 1 July 2012 and become mandatory on 1 July 2013. For background, have a look at our previous posts here. The key Bills are the Corporations Amendment (Future of...
The Minerals Resource Rent Tax Bill 2011 and associated Bills have been been passed by both Houses ofr Parliament and are awaiting Royal Assent before commencement on 1 July 2012.The Minerals Resource Rent Tax Bill 2011 and associated Bills have been been passed by both Houses ofr Parliament and...
The Australian Parliament’s website at www.aph.gov.au has been updated with particular improvements to information about Bills, including a Bill tracking service. Worth a look.The Australian Parliament’s website at www.aph.gov.au has been updated with particular improvements to...
Safe Work Australia has issued an update on its progress on the national system: The WHS laws commenced in the Commonwealth, ACT, NSW, NT and QLD on 1 January 2012. The WHS laws have passed in Tasmania with a commencement date of 1 January 2013. Six further Codes of Practice have been endorsed as...