Senate
Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014
Revised Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon J. B. Hockey MP)This Memorandum takes account of amendments made by the House of Representatives to the bill as introduced and recommendations made by the Senate Economics Legislation Committee report of 16 June 2014.
Appendix A: Regulatory Burden and Cost Offset Estimate Table
| Average Annual Change in Compliance Costs (from BAU) | ||||
| Sector/Cost Categories | Business | Not-for-profit | Individuals | Total by cost category |
| Administrative Costs | ($198,442,592.58) [68] | $0 | $0 | ($198,442,592.58) |
| Substantive Compliance Costs | $0 | $0 | $0 | $0 |
| Delay Costs | $0 | $0 | $0 | $0 |
| Total by Sector | ($198,442,592.58) | $0 | $0 | ($198,442,592.58) |
| Annual Cost Offset | ||||
| Agency | Within portfolio | Outside portfolio | Total | |
| Business | $0 | $0 | $0 | $0 |
| Not-for-profit | $0 | $0 | $0 | $0 |
| Individuals | $0 | $0 | $0 | $0 |
| Total | $0 | $0 | $0 | $0 |
| Proposal is cost neutral? No
Proposal is deregulatory Yes Balance of cost offsets = ($198,442,592.58) |
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