1 September 2021
At a high-level, AFMA, ABA and the FSC would support the ATO outlining a practical approach to the taxation consequences on IBOR-transition which leverages existing processes being undertaken by affected taxpayers and categorises the various affected contracts from a risk perspective. This would ensure that compliance resources are appropriately allocated. The approach adopted in PCG 2017/8 regarding internal derivatives would be an appropriate precedent for such an approach.
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Banks continue to strongly support measures to allow companies and registered schemes to fulfil their legal obligations to hold meetings and execute documents using electronic means under the Corporations Act 2001 (Cth). The ABA makes four key recommendations, including providing optionality for companies to host AGMs in either hybrid or wholly online formats; amendments to… Read more »
The ABA continues to support Australia’s credit reporting framework, which has benefits for both consumers seeking to build creditworthiness and providers of credit information in supporting a more comprehensive assessment of credit applications. The ABA makes 16 recommendations to the Review to improve the effectiveness of the Framework and support its expansion to all Buy… Read more »
The Australian Banking Association welcomes the opportunity to provide feedback on the Help to Buy Scheme program directions. Home ownership remains an important financial and lifestyle goal for many Australians and policies that facilitate affordable and sustainable home ownership should remain at the centre of Australia’s housing policy agenda. The ABA notes the purpose of… Read more »