Seniors Health Card indexation: Bill introduced [123] The Social Services and Other Legislation Amendment (Seniors Health Card and Other Measures) Bill 2014 was introduced into the House of Reps on Thur 27.3.2014. It proposes, among other things, to implement the Government’s election commitment to index income thresholds for the Commonwealth Seniors Health Card. Indexation of…
The Treasurer has announced the appointment of 4 eminent business people to the International Advisory Panel to support the Financial System Inquiry. The panel members will provide an expert perspective to the Inquiry on aspects of the Terms of Reference including technological change, Australia’s global competitiveness and offshore regulatory frameworks. The new panel members include:…
The Institute of Public Accountants (IPA) says the Government should look at FBT to make some inroads to its commitment to reducing regulatory red tape. “The IPA believes that shifting FBT from employers to employees would provide a more equitable solution to many of the current problems. Taxing fringe benefits at the employee level has…
In a statement to Parliament on Wed 19.3.2014, Federal Assistant Treasurer Senator Arthur Sinodinos said he would step aside while giving evidence before the NSW Independent Commission Against Corruption (ICAC) inquiry into Australia Water Holdings Pty Ltd. Senator Sinodinos said he did not want “this sideshow to be an unnecessary distraction to the important work…
The Personal Property Securities Amendment (Deregulatory Measures) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to amend the Personal Property Securities Act 2009 (the PPS Act) so that leases of serial numbered goods of 90 days or more will no longer be deemed to be PPS leases for the…
The Paid Parental Leave Amendment Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to ease administrative burdens on business by amending the Paid Parental Leave legislation to remove the requirement for employers to provide Government funded parental leave pay to their eligible long-term employees. From 1 July 2014, employees will be…
The Omnibus Repeal Day (Autumn 2014) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to amend or repeal legislation across 10 portfolios. The Bill also includes measures that repeal redundant and spent Acts and provisions in Commonwealth Acts and complements the measures included in the Statute Law Revision Bill…
Senator Cormann on Mon 24.3.2014, confirmed the Government remained committed to implementing its proposed FoFA changes “as soon as possible” noting the legislation before the House of Reps “will continue through the normal parliamentary process”. Senator Cormann also announced the implementation of the FoFA Regulations will be paused. “Now that the legislation has been referred…
The Financial Planning Association of Australia (FPA) has welcomed the Government’s amended restrictions to the general advice exemption under FoFA. The FPA said it has consistently and clearly raised the issue of potential consumer risks – through its submissions to Government and in the public arena – particularly highlighting the general advice exemption and conflicted…
The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was introduced into the House of Reps on Wed 19.3.2014, to give effect to the Government’s proposed FoFA reforms to reduce the regulatory burden on the financial services industry. The key amendments proposed to the Corporations Act 2001 include: Best interests duty – removing…