Acts of Parliament assented to - Act No. 19-23, 25 of 2016

Overview

The Aged Care Legislation Amendment (Increasing Consumer Choice) Act 2016 was assented to on 18 March 2016 by the Governor-General, in the name of Her Majesty. This Act was introduced to address gaps in the existing aged care legislation, aiming to enhance consumer choice and overall quality of care for aged care recipients. The policy objective of this Act is to empower consumers by giving them more control over their care arrangements, thereby ensuring that their needs and preferences are better met. Enacted by the Parliament, this legislation seeks to reform the aged care system to provide a more consumer-centric approach.

Scope and Application

The Aged Care Legislation Amendment (Increasing Consumer Choice) Act 2016 applies to all aged care providers, including both public and private providers, within the Commonwealth jurisdiction. The Act is designed to enhance consumer choice in the aged care sector by introducing measures that allow for greater flexibility in the provision of services, including the ability for consumers to choose the provider of their aged care services. This legislation seeks to ensure that consumers have access to a wider range of service options and that providers are held to higher standards of accountability and quality. The Act also applies to the Commonwealth Minister for Aged Care, who is responsible for the administration and enforcement of the Act. The Act does not specify any exclusions or exemptions, but its provisions are subject to subordinate instruments that may further define the scope and application of the Act. The Act extends its application through subordinate legislation which may detail specific provisions and regulatory requirements for aged care providers.

Key Provisions

The Aged Care Legislation Amendment (Increasing Consumer Choice) Act 2016 (section 5) amends the Aged Care Act 1997 to provide more choices for consumers regarding their care. This includes the right to choose their own service provider and the ability to have more control over their care plans. Additionally, the Act introduces a new consumer rights framework (section 10), which aims to ensure that consumers are treated with dignity and respect and that their rights are protected. The Act also establishes a new Aged Care Quality and Safety Commission (section 15), which will be responsible for regulating and overseeing the aged care sector. The Corporations Amendment (Financial Advice Measures) Act 2016 (section 3) amends the Corporations Act 2001 to introduce new requirements for financial advisers. These include a new Code of Ethics (section 8), which financial advisers must adhere to, and new disclosure requirements (section 12), which aim to ensure that consumers receive clear and concise information about the financial products and services they are being advised on. The Act also introduces new penalties (section 17) for financial advisers who fail to comply with the new requirements, including fines of up to $50,000 for individuals and $250,000 for bodies corporate. The Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016 (section 4) amends the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 to implement the Common Reporting Standard (section 9), which is an international standard for the automatic exchange of financial account information between countries. The Act introduces new reporting requirements (section 14) for financial institutions, which must report information about their customers' financial accounts to the Australian Taxation Office. Failure to comply with these requirements can result in penalties of up to $10,500 per report (section 19). The Business Services Wage Assessment Tool Payment Scheme Amendment Act 2016 (section 3) amends the Business Services Wage Assessment Tool Payment Scheme Act 2008 to provide more flexibility in the way that employers can use the tool to assess their employees' wages. The Act also introduces new reporting requirements (section 8) for employers, which aim to ensure that they are paying their employees the correct wages. Failure to comply with these requirements can result in penalties of up to $21,000 per employee (section 13). The Tax Laws Amendment (Norfolk Island CGT Exemption) Act 2016 (section 3) amends the Taxation Administration Act 1953 to provide a capital gains tax exemption for certain transactions on Norfolk Island. This exemption applies to transactions that occur before 1 July 2016 and are related to the sale or transfer of land on Norfolk Island (section 8). The Act also introduces new reporting requirements (section 13) for taxpayers who are affected by the exemption, which aim to ensure that they are complying with the new rules. Failure to comply with these requirements can result in penalties of up to $1,650 per return (section 18).