ASIC Supervisory Cost Recovery Levy Regulations Have Been Passed

On 20 April 2016, the Government announced that it would introduce an industry funding model for ASIC, commencing in the second half of 2017. The ASIC Supervisory Cost Recovery Levy Regulations 2017 which came into effect from 1 July 2017 have now been passed which...

APRA Letter to Life Insurers

The Australian Prudential Regulation Authority (APRA) released a letter to all life insurers, which provides guidance on its interpretation of Prudential Standard LPS 230 Reinsurance (LPS 230), including its “approach to considering applications for approval of...

Final Stage of the Superannuation System Review Commences

Treasurer Scott Morrision and Revenue and Financial Services Minister Kelly O’Dwyer have jointly announced the commencement of the third and final stage of the Productivity Commission’s review into Australia’s superannuation system. The final stage...

NSW State Budget 2017-18

The state government handed down the State Budget 2017-18 on 20 June 2017. In the Budget Speech  Treasurer Dominic Perrottet stated that, under the state budget from 1 January 2018 “small businesses with a turnover of less than $2 million will be exempt from...

Update on NSW Home Warranty Reforms

The Home Building Amendment (Compensation Reform) Act 2017 No. 28 (NSW) was assented to on 27 June 2017. The objects of the Act are to: enable insurance against loss arising from non-completion of residential building work or breach of statutory warranties for...