Posted by & filed under Financial Reporting.

11 September 2014

 

The General Manager
Deregulation Division
The Treasury
Langton Crescent
PARKES ACT 2600

Dear Sir/Madam

Treasury Regulation Amendment
(Repeal Day) Bill 2014

The Group of 100 (G100) is an organization of chief financial officers from Australia’s largest business enterprises with the purpose of advancing Australia’s financial competitiveness and is pleased to comment on the Discussion Paper.

The G100 supports the proposed amendments.

While we are not convinced that these proposals will result in significant cost savings by companies they are a useful initial step in the deregulation process. The removal of duplication in requirements and clarification of the meaning/intention of the legislation, which is essentially a “housekeeping exercise”, will assist in reducing the frustration of entities seeking to comply with them.

However, as outlined in our earlier submissions on “Cutting Red Tape” there are a number of deregulation measures which would result in significant cost savings for companies. We look forward to the outcome of the review of these items and their inclusion in the next batch of amendments.

 

Neville Mitchell
President

 

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