Influence of Government (HSC SSCE Business Studies): Flashcards
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What is ASIC?
What is ASIC?
Australia's corporate regulator (Securities & Investments Commission)
Act enforced by ASIC
Act enforced by ASIC
Corporations Act 2001
ASIC's primary aim
ASIC's primary aim
Reduce fraud and unfair practices in financial markets
3 key ASIC functions
3 key ASIC functions
Legal compliance, info disclosure, public protection
ASIC enforcement powers (3)
ASIC enforcement powers (3)
Imprisonment, monetary penalties, negative publicity
Company tax rate (turnover under $50M)
Company tax rate (turnover under $50M)
27.5%
Company tax rate (turnover $50M+)
Company tax rate (turnover $50M+)
30%
Company tax structure type
Company tax structure type
Flat rate (same % regardless of profit size)
Purpose of company tax reform
Purpose of company tax reform
Improve international competitiveness & attract investment
Global company tax trend 2000-2020
Global company tax trend 2000-2020
Average fell from 30.8% to 23.1% (OECD data)