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It was established in 1995 with the amalgamation of the Australian Trade Practices Commission (TPC) and the Prices Surveillance Authorityy to administer the Trade Practice Act 1974 (TPA). Its mandate is to protect consumer rights, business rights and obligations, performis an independent industry regulation and authority of the price monitoring and Australia prevent illegal anti- government. competitive behaviour. Australian competition and consumer commission (ACCC)
1. ROLES The ACCC administers the Trade Practices Act, and has standing totake action in the Federal Court of Australia to enforce its provision. TheTrade Practices Act contains a broad range of provisions, such us: 1. provisions on [price fixing] cartels 2. misuse of market power 3. misleading misleading or deceptive conduct The ACCC, under the 4. also reviews mergers Act, also regulates certainThe ACCC also has an educative role industries by providing and seeks to educate both access to national consumers and businesses as to infrastructure.their rights and responsibilities under the act.
2. Restrictive trade practicesIn most cases the spirit of the act, andthus the actions of the ACCC, favoursneither consumer nor supplier, but strivesto achieve a competitive market withoutartificial restrictions. For example, refusalof supply – a producer refusing to supply apotential retailer or customer with aproduct – is not itself illegal unless theaction would have an anti-competitiveeffect on the market as a whole.
3. PenaltiesThe ACCC is committed in bringing court actions against companiesthat breach the Trade Practices Act. Penalties for non-compliance ofthe TPA (Trade Practices Act ) can be quite severe.Companies that do not comply with the restrictive trade practicesprovisions of the Trade Practices Act may be fined by the FederalCourt. There are three ways the maximum fine can be calculated : The maximum possible fine is the larger of A$10,000,000 Or three times the value of the illegal benefit Or (if the value of the benefit cannot be ascertained) 10% ofturnover for the preceding 12 months.Individuals may be fined up to $500,000Companies that do not comply with the consumer protection provisionsof the Trade Practices Act may be fined by the Federal Court, up to$1.1 M for companies and $220,000 for individuals.
The ACCC maintains a website listing all Australian product recalls and the following organisations are commissioned to assist with thesurveillance and monitoring of product safety in relevant areas.Food products – Food Standards Australia New ZealandMotor vehicles Department of Infrastructure, Transport, RegionalDevelopment and Local Government (Australia)Therapeutic goods – Therapeutic Goods AdministrationAgricultural and veterinary products – Australian Pesticides and VeterinaryMedicines AuthorityElectrical goods – Australian Electrical Equipment Safety RegulatorsGas and appliance – Gas Technical Regulators Committee Australia NewZealand The ACCC, in conjunction with state and territory offices of fair trading, is responsible for developing and enforcing mandatory consumer product safety standards except where the product falls into the jurisdiction of one of the specialist regulators mentioned above.
4. Chairpersons1. Allan Fels 1 July 1995 – 30 June 20032. Graeme Samuel 1 July 2003 – 31 July 20113. Rod Sims 1 August 2011
Australian Taxation Office is an Australian Government statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for : 1. administering the Australian federal taxation system and superannuation legislation. 2. ATO collects income tax, Goods & Services Tax (GST) and other federal taxes for the government. 3. ATO also has responsibility for managing the Australian BusinessRegister, delivering the Higher Education Loan Programme, delivering many Australian Government payments and administering key components of Australias superannuation system.
1. Organisational structureThe Commissioner of Taxation is responsible for the general administration ofthe tax system and the ATO. The Commissioner of Taxation and three SecondCommissioners of Taxation are each appointed for a term of seven years. TheCommissioner and Second Commissioners are eligible for re-appointmentafter each term. The current Commissioner is Michael DAscenzo (appointedin January 2006), the previous Commissioner was Michael CarmodyThe ATOs operations are managed through sub-plans which are used toallocate resources. The sub-plans are:1. Compliance2. Corporate Services & Law3. Enterprise Solutions and Technology4. OperationsSub-plans are further divided into Business and Service Lines (BSLs) whichare responsible for the delivery of sub-plan priorities. Individual BSLs mayfocus on a particular market segment and revenue product.
2. Performance Some of the highlights outlined in the 2008-09 Annual Report include: 1. Net cash collections wereThe Commissioner of $264.5 billion. (1.2% above theTaxation is required to 2009 Budget forecast for 2008–prepare and release 09); 2. About $41.2 billion collected inan Annual Report each GST for state and territoryfinancial year. The governments;Annual Report outlines 3. Some 86% of individuals andthe ATOs performance 90% of businesses agree that the ATO is doing a good job,and achievements for and 86% of tax agents feel thateach financial year. ATO systems and processes are being improved to make it easy for them to deal with Australia’s tax system.
4. Australian Transaction Reports andAnalysis Centre 1. Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian government agency, established in 1989 under the Financial Transaction Reports Act 1988 and continued in existence under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
2. Operation"Reporting entities" (a wide range of businesses andinstitutions - specified in the AML/CTF Act - which deal incash, bullion and financial transactions) must reporttransactions to AUSTRAC; such entities include :1. Banks and similar financial institutions such as building societies.2. Corporations.3. Insurance companies and intermediaries.4. Securities dealers, such as stock brokers.5. And still many other
3. Identification Reporting entities must identify their customers. Accounts may only be operated by an identified customer, an unidentified customer is blocked. Generally identification can be transferred from one account to another, so that for instance a person once identified does not need to produce documents again when opening a second account at the same institution. For banks and similar, identification requirements are determined by a risk-based approach, which may differ for each reporting entity. Its an offence to open or operate an account with a reporting entity under a false name, punishable by a fine or up to 2 years imprisonment.
Australian Securities ExchangeThe Australian Securities On 1 August 2010, ASXExchange (ASX) was launched a new brand andcreated by the merger of the group structure. ASX GroupAustralian Stock Exchange became the overarchingand the Sydney Futures name, replacing AustralianExchange in July 2006. It is Securities Exchange, whichthe primary stock exchange remains as the name of thegroup in Australia. listings and trading arm of the ASX Group.
ASX functions as a market operator,clearing house and payments systemfacilitator. It oversees compliance withits operating rules, promotes standardsof corporate governance amongAustralia’s listed companies. It has a role in the education of retail investors, providing educational materials relating to its products including free online courses.ASX offers products and services includingshares; futures, exchange traded options,warrants, contracts for difference, exchangetraded funds, real estate investment trusts,listed investment companies and interestrate securities.
1. Market details ASX Group can be described as a multi-asset class and vertically integrated exchange group.Its activities include primary and secondary market services,including the raising, allocation and hedging of capital flows,trading and price discovery (Australian Securities Exchange);central counterparty risk transfer (via subsidiaries of ASXClearing Corporation); and securities settlement for both theequities and fixed income markets (via subsidiaries of ASXSettlement Corporation). ASX operates two trading : clearing and settlement platforms