As we reported back in May 2017, the Treasurer announced measures to assist with housing affordability in the 2017/2018 Federal Budget.  Draft legislation has recently been released for consultation, but with a couple of kickers, including the denial of certain tax benefits to investors in trusts that would otherwise qualify as managed investment trusts. 

This periodic update provides information on a number of recent significant legislative and regulatory developments in the funds and financial services industry.  

This update examines legislative and regulatory developments occurring in the fintech space over the past month.  In legislative developments, Australia’s crowd-sourced equity funding regime has continued to develop and cryptocurrencies are to become subject to anti-money laundering and counter-terrorism financing regime. 

A landmark Supreme Court decision delivered last week will make it easier for tenement holders to get an exemption from their expenditure obligations. The effect of the decision is that mining companies can count more of their spending (specifically spending connected with or related to exploration) toward meeting their expenditure obligations, and so it will be easier to get expenditure relief under the “project exemption”.  

A step-change appears to be underway: advances in technology are likely to require a change in approach to mine safety. Developments in the application of technology in the mining industry, and recent regulatory signals, should prompt mining and exploration companies to consider the direction of mine safety trends and ensure that they are positioned to meet a potentially increased regulatory burden.

Even more political noise over the last fortnight, but not as many concrete developments on the ground – although a couple of developments in our recent Australian Energy Market Update that have occurred are significant. To learn more download the latest update.