GEMS Act Review, Renewable Energy Targets and AER announcements: January 2018 Energy Compliance Update

GEMS Act Review, Renewable Energy Targets and AER announcements: January 2018 Energy Compliance Update

AU Energy Compliance
With only the first month of the year gone there have already been a range of regulatory initiatives announced that affect businesses in the energy industry. In our first monthly update on energy regulation and compliance for the year we identify the regulatory and compliance announcements that you should be aware of, including renewable energy targets. [caption id="attachment_2938" align="aligncenter" width="640"] Photo by Chris Barbalis on Unsplashgy,[/caption] The GEMS Act Review On 19 January, the first independent review of the Greenhouse and Energy Minimum Standards Act 2012 (GEMS Act) was announced. The GEMS Act is the legislation that allows the Government to set mandatory minimum efficiency requirements for appliances and products and national labelling requirements. This five-year independent review is mandated by the Act and will report to the Minister by…
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New law proposed strengthening ATO’s powers: Are you ensuring that your employees get their Superannuation entitlements?

New law proposed strengthening ATO’s powers: Are you ensuring that your employees get their Superannuation entitlements?

Uncategorized
The Government is currently seeking submissions on an exposure draft of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018 (the draft Bill). The draft Bill strengthens the powers of the Australian Tax Office (ATO) in relation to the payment or non-payment of the Superannuation Guarantee and makes some related compliance changes. In today’s article, we summarise the five key changes in that draft Bill. To ensure that you are fulfilling your existing Superannuation Guarantee obligations make sure you consult professional tax advice. By Dr Drew Donnelly, Compliance Quarter Background to the Superannuation Guarantee Superannuation Guarantee is the amount that an employer is required to contribute towards an employee’s superannuation. It is payable quarterly and if an employer fails to pay they are liable to pay a…
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NSW water compliance reform: Expected changes in 2018

NSW water compliance reform: Expected changes in 2018

Uncategorized
NSW irrigators will soon be subject to a host of new water compliance reform obligations, due to a swift government crackdown in response to the concerning revelations of ‘Pumped’, the ABC Four Corners program aired in July 2017. By Alex Silcock, Compliance Quarter. Following the public reaction to the program, the NSW Government commissioned an ‘independent investigation into NSW water management and compliance’. The investigation was undertaken by Ken Matthews AO and the final version of the report was released on 24 November 2017. The NSW Government has already acted on Matthews’ interim report by passing the Natural Resources Access Regulator Bill 2017. The new legislation establishes an independent water regulator (NRAR) which the government perceives as representing ‘the beginning of a period of reform and improvement for compliance and…
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New Design and Distribution Obligations for Financial Products

Uncategorized
On 21 December 2017, the Government began consultation on the exposure draft of a new law (the draft Bill) which will require most businesses that issue financial products to follow new rules in designing and distributing those products. The goal of these changes is to support consumers in choosing the financial products that are most appropriate for them. In today’s article, part one of two, we look at the new design and distribution obligations while in the next article we will look at the proposed Australian Securities & Investments Commission (ASIC) intervention powers also contained in the draft Bill. [caption id="attachment_2825" align="aligncenter" width="640"] Photo by Ramiro Mendes on Unsplash[/caption] By Dr Drew Donnelly, Compliance Quarter. Background The Financial System Inquiry (FSI) found that the existing regulatory framework for financial products…
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ASIC’s New Product Intervention Power

ASIC’s New Product Intervention Power

Financial Services
Last time we talked about the Government’s introduction of design and distribution obligations for financial products in a draft Bill currently undergoing consultation. In today’s article, part two on the draft Bill, we discuss the Australian Securities & Investments Commission’s proposed new product intervention power, also contained in the draft Bill. [caption id="attachment_2821" align="aligncenter" width="640"] Photo by Victoria Heath on Unsplash[/caption] By Dr Drew Donnelly, Compliance Quarter. Background As mentioned in our previous piece, the existing regulatory framework for financial products relies extensively on disclosure for customer protection. This limitation is compounded by the fact that the Australian Securities & Investments Commission (ASIC) is only empowered to intervene where there has been a breach or suspected breach of the law. This has meant that, in various cases in the past,…
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