Commonwealth legislation

Financial Sector (Collection of Data) determination No. 35 of 2015 - Revocation of Reporting Standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This determination scraps outdated paperwork for banks. What it does: It cancels a 2009 reporting rule (Reporting Standard FRS 100.0) that forced banks and financial institutions to send data to APRA (Australia's banking regulator) about First Home Saver Accounts.

Background: First Home Saver Accounts were a government savings scheme that gave tax breaks to people saving for their first home. The government abolished the scheme in 2015, meaning no new accounts could be opened and existing accounts lost their tax benefits.

Why this matters: Since these accounts no longer exist, there's no point making banks report on them. This cleans up the regulatory rulebook by removing dead reporting requirements.

Who it affects: Banks and financial institutions that used to offer these accounts—they can stop submitting the specific reports required under the old standard.

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Financial Sector (Collection of Data) determination No. 35 of 2015 - Revocation of Reporting Standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers

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Financial Sector (Collection of Data) determination No. 35 of 2015

Revocation of Reporting Standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers

Financial Sector (Collection of Data) Act 2001

I, Charles Littrell, a delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 and subsection 33(3) of the Acts Interpretation Act 1901 REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 29 of 2009, including Reporting Standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers made under that Determination.

Dated 6 October 2015

[Signed]

Charles Littrell

Executive General Manager

Supervisory Support Division

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Financial Sector (Collection of Data) determination No. 35 of 2015 - Revocation of Reporting Standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers