Duty Free Allowances Cigarettes and Tobacco – Reduces the inbound duty-free allowance for cigarettes February Completed E/c September 2012 and tobacco from 250 cigarettes or 250 grams of 2017 Published tobacco to 50 cigarettes or 50 grams of other tobacco products. Excise Tariff Amendment (Tobacco) Bill 2010 and Customs Tariff Amendment (Tobacco) Bill 2010 Completed Increase the excise tariff applying to tobacco products April 2010 May 2013 Published by 25 per cent and increase of rates of duty applying to tobacco products imported into Australia by 25 per cent. Farm Management Deposits February Completed May 2010 Early access for primary producers suffering natural 2014 Published disasters and improved administration arrangements. Financial Claims Scheme (General Insurers) Levy Bill 2008 November Completed October 2008 Provides for the imposition of a levy on general 2012 Published insurers in the event of the activation of the Financial Claims Scheme. Title of regulatory proposal Reason for Implementation Date PIR PIR status PIR date Published Description of regulatory proposal Foreign Acquisitions and Takeovers Amendment Bill 2009 February Completed February 2010 Ensure that any foreign investment irrespective of the 2013 Published way it is structured is treated equally under the Foreign Acquisitions and Takeovers Act. Foreign Acquisitions and Takeovers Regulations 2010 (No. 2) February Completed May 2010 2013 Published Remove an exemption that applied to temporary residents buying residential real estate in Australia. Future of Financial Advice Prospective ban on up-front and trailing commissions Completed and like payments for both individual and group risk July 2013 August 2017 Published insurance within superannuation. Requirement for advisers to renew client agreement to Completed July 2013 August 2017 ongoing advice fees every two years (opt-in regime). Published Completed Ban on soft dollar benefits over $300 per benefit. July 2013 August 2017 Published Limited carve-out for basic products from the ban on Completed certain conflicted remuneration structures and best July 2013 August 2017 Published interests duty. Completed Access to scaled financial advice. July 2013 August 2017 Published Government Response to Future Tax Australia’s System Review
Duty Free Allowances – Cigarettes and Tobacco Reduces the inbound duty-free allowance for cigarettes and tobacco from 250 cigarettes or 250 grams of tobacco to 50 cigarettes or 50 grams of other tobacco products. E/c September 2012 February 2017 Completed Published Excise Tariff Amendment (Tobacco) Bill 2010 and Customs Tariff Amendment (Tobacco) Bill 2010 Increase the excise tariff applying to tobacco products by 25 per cent and increase of rates of duty applying to tobacco products imported into Australia by 25 per cent. April 2010 May 2013 Completed Published Farm Management Deposits Early access for primary producers suffering natural disasters and improved administration arrangements. May 2010 February 2014 Completed Published Financial Claims Scheme (General Insurers) Levy Bill 2008 Provides for the imposition of a levy on general insurers in the event of the activation of the Financial Claims Scheme. October 2008 November 2012 Completed Published Title of regulatory proposal Description of regulatory proposal Reason for PIR Implementation date Date PIR Published PIR status Foreign Acquisitions and Takeovers Amendment Bill 2009 Ensure that any foreign investment irrespective of the way it is structured is treated equally under the Foreign Acquisitions and Takeovers Act. February 2010 February 2013 Completed Published Foreign Acquisitions and Takeovers Regulations 2010 (No. 2) Remove an exemption that applied to temporary residents buying residential real estate in Australia. May 2010 February 2013 Completed Published Future of Financial Advice Prospective ban on up-front and trailing commissions and like payments for both individual and group risk insurance within superannuation. July 2013 August 2017 Completed Published Requirement for advisers to renew client agreement to ongoing advice fees every two years (opt-in regime). July 2013 August 2017 Completed Published Ban on soft dollar benefits over $300 per benefit. July 2013 August 2017 Completed Published Limited carve-out for basic products from the ban on certain conflicted remuneration structures and best interests duty. July 2013 August 2017 Completed Published Access to scaled financial advice. July 2013 August 2017 Completed Published Government Response to Australia’s Future Tax System Review
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