14 August 2006 
 
Today’s Simpler Regulatory System Bill, released by the Parliamentary Secretary to the Treasurer Chris Pearce, has been welcomed by the Institute of Chartered Accountants in Australia who believe the Government’s consultation and continued focus on reducing the regulatory burdens is critical for the prosperity of Australia’s economy.  
 
Since last year, the Institute has been calling for an end to onerous red tape and over the past six months has worked closely with Government to provide feedback on its interim response to the report on reducing regulatory burdens on business, Rethinking Regulation.  
 
The Institute of Chartered Accountants’ CEO Graham Meyer said it is heartening that the Government is treating red tape as a serious issue.  
 
“Red tape is felt in its volume and complexity, predominantly in the tax system, federal-state discrepancies and reporting requirements. Even something as basic as the definition of a ‘small business’ has spiralled out of the reach of normal Australians.  
 
“The Institute has been calling on the Government to reform threshold tests, which would provide reporting exemptions for many Australian businesses.  
 
“We still believe this is important and urge the Government to reform threshold tests for large proprietary companies and smaller non-listed public companies. This needs to happen quickly if businesses are to enjoy the benefit during the 30 June 2007 reporting period,” Mr Meyer said.  
 
The three-part Bill is thought to be the most comprehensive Corporations Law package since CLERP 9 was launched. It follows a lengthy consultation process dating back to April 2006, when the Government released the Corporate and Financial Services Regulation Review consultation paper.  
 
The Bill is expected to be passed in the first half of next year.