Federal Budget 2018 - Regulators
Written and accurate as at: May 09, 2018 Current Stats & Facts
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
The Government will provide $10.6 million over two years from 2017-18 to the Australian Securities and Investments Commission (ASIC) and $2.7 million in 2018-19 to the Australian Prudential Regulation Authority (APRA) to assist in their involvement in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The cost of this measure will be offset by an increase in the APRA Financial Institutions Supervisory Levies of $2.7 million in 2018-19 and an increase in levies of $10.6 million over two years from 2018-19 under the ASIC industry funding model.
Funding of $5.9 million for ASIC in 2017-18 has already been provided for by the Government.
Tax Practitioners Board — funding
The Government will provide $20.1 million over four years from 2018-19 to the Tax Practitioners Board (TPB) to assist the TPB in meeting its broadened responsibilities to ensure that tax agent services are provided to the public in accordance with appropriate professional and ethical standards.
This measure will be funded by an increase in tax practitioner registration fees.
Enhancing Female Financial Capability
The Government will provide $10.0 million to the Australian Securities and Investments Commission in 2018-19 to provide a grant that will support initiatives to enhance female financial capability.
Delivering Australia’s Digital Future — modernising business registers
The Government will provide an additional $19.3 million in 2018-19 to the Australian Taxation Office, the Department of Industry, Innovation and Science and the Australian Securities and Investments Commission to develop a detailed business case for modernising the Government’s business registers. The detailed business case will provide options for improving how businesses interact with government, and will be considered in the 2019-20 Budget.
Australian Financial Complaints Authority — additional funding
The Government will provide $1.7 million in 2018-19 to provide a grant to the Australian Financial Complaints Authority (AFCA) to support its establishment.
Personal Income Tax — ensuring individuals meet their tax obligations
The Government will provide $130.8 million to the ATO from 1 July 2018 to increase compliance activities targeting individual taxpayers and their tax agents.
The measure will also provide funding for new compliance activities, including additional audits and prosecutions, improving education and guidance materials, pre-filing of income tax returns and improving real time messaging to tax agents and individual taxpayers to deter over-claiming of entitlements, such as deductions by higher risk taxpayers and their agents.
Modernising Payroll and Superannuation Fund Reporting — additional funding
The Government will provide an additional $15.0 million over three years from 2018-19 to the Australian Taxation Office to support the modernisation of payroll and superannuation fund reporting. The funding will be used to support small businesses with fewer than 20 employees during the transition to Single Touch Payroll Reporting from 1 July 2019.
Funding for this measure has already been provided for by the Government. This measure builds on the 2017-18 MYEFO measure titled Superannuation Guarantee Integrity Package — modernising payroll and superannuation fund reporting.
National Consumer Data Right
The Government will provide funding over four years from 2018-19 to establish a national consumer data right (CDR) that will allow consumers and small to medium enterprises to access and transfer their data between service providers in designated sectors. Funding will be given to the ACCC, Office of the Australian Information Commissioner, and the CSIRO.