13 September 2022

Fringe benefits tax - record keeping exposure draft legislation

The Government is introducing legislation to reduce fringe benefits tax (FBT) record keeping compliance costs for employers who maintain good corporate records.

This measure was initially announced in the 2020-21 Budget. The proposed legislation gives the Commissioner of Taxation the power to modify, by legislative instrument, existing FBT record keeping obligations to allow employers to rely on existing corporate records, rather than the employee declarations and other prescribed records, to finalise their FBT returns where the Commissioner considers the alternative records adequate.

APRA outlines plans to modernise the prudential architecture

The Australian Prudential Regulation Authority (APRA) has outlined its approach to modernising the prudential architecture – a core strategic initiative to make the design of the regulatory framework clearer, simpler and more adaptable.

In an information paper published today, APRA outlined plans for its multi-year program to modernise the architecture of prudential standards and guidance for banks, insurers and superannuation funds.

NATIONAL DAY OF MOURNING PUBLIC HOLIDAY 

In line with Prime Minister Anthony Albanese's announcement yesterday, a National Day of Mourning will be observed in Victoria on Thursday, 22 September 2022.  
The day will be a normal trading day, which is consistent with the Grand Final Friday, Boxing Day and many other public holidays. 
These details will be confirmed through the Government’s Gazette process. 
Employers and employees seeking information about their rights and responsibilities regarding public holidays should seek advice from their business organisations or relevant unions. The public holiday to mark the Sovereign's birthday on the second Monday in June will now be known as the King's Birthday. No administrative changes are required for this.

Media contact: Stephanie Hobbs 0429 275 437 | stephanie.hobbs@minstaff.vic.gov.au 

Public holiday declared in NSW for National Day of Mourning

Thursday, 22 September 2022 has been declared a public holiday in NSW by the Minister for Employee Relations Damien Tudehope under section 5 of the Public Holidays Act 2010.

The Order will be published on the NSW Legislation website as soon as possible.

This follows the announcement made by the Prime Minister Anthony Albanese that the National Day of Mourning on 22 September 2022 will be recognised as a National public holiday across the country. 

Clean-tech partnership to help retailers achieve net-zero emissions

Australia’s largest peak retail group, the Australian Retailers Association (ARA), has announced a new partnership with clean-tech start-up Greener to help retail and hospitality small businesses on their sustainability journey towards net-zero emissions.

Under the partnership, the ARA and Greener will co-design a new digital solution, called Greener Business, to help small businesses understand and prioritise the steps they can take to reduce their carbon footprint.