Identify and describe the key features of financial legislation covering taxable transactions and reporting requirements

Answer:

The term financial legislation alludes to the two classifications of proposed laws or bills which are recognized by segments of Constitution and which have diverse techniques connected to them by the arrangements of that segment. The justification of these arrangements is to hold to the official government the activity in proposing appointments and burdens of tax assessment, without influencing the substantive forces of the Senate. 

Among the different sorts of money related enactment one write is Tax Bills. It incorporates 

a) bills forcing tax assessment; b) charges which don't force tax assessment, however which manage tax assessment; c) traditions duty charges, which force traditions obligations; d) extract levy charges, which force extract obligations; e) other tax collection measures. 

Bills which force tax assessment must be separate from charges which generally manage tax collection, and bills forcing tax assessment must manage just a single subject of tax assessment, with the exception of traditions tax and extract levy bills. 

The Australian Securities and Investments Commission (ASIC) is Australia's corporate, money related markets and monetary administrations controller. Organizations working in Australia are required to get ready and cabin money related reports with ASIC, for the most part toward the finish of the monetary year. Yearly money related reports are required to be reviewed. In a few conditions, organizations might be absolved from budgetary announcing. 

Australian Accounting Standards meet the prerequisites of International Financial Reporting Standards (IFRS) as Australia received IFRS in 2005, with application for monetary periods starting on or after 1 January 2005.

Source

https://www.legislation.gov.au/Details/C2013C00009