6 June 2016
The ABA lodged a submission with Treasury on the GST treatment of digital currency.
The submission addresses three key aspects of the discussion paper: 1) The desired policy outcome, 2) Identifying and characterising digital currencies, and 3) The alternative approaches to the GST treatment of digital currencies.
An earlier implementation date for the revised operational risk capital requirements will be difficult and should be optional.
The ABA welcomes the IGA review and is in general, supportive of its findings, draft recommendations and the draft options for improvement.
The ABA supports appropriate cost reflective funding of APRA. An adequately resourced regulator will ensure its regulatory mandate is undertaken in a timely and effective way.