THE FINAL report from the Hayne Royal Commission should encourage the public to be seeking genuine advice and support from their trusted adviser: the accountant, according to the Institute of Public Accountants (IPA).

“There is no doubt that there are many lessons to be learnt, particularly for the banking industry, brokers and even the regulators,” said IPA chief executive officer, Andrew Conway.

“Importantly, the Hayne Royal Commission reinforces the importance of trust and seeking appropriate advice from professionals.

“Professions evolve over time. Whilst every profession faces challenges, the emergence of professionals is an important factor. Accountants and accounting as a profession has evolved literally over centuries.

“Put simply, Public Accountants are not in the business for charging exorbitant fees for advice but rather offer genuine support to their clients.  They want to be able to have broader advice discussion which the current financial services regime prevents them from having," Mr Conway said.

“It is saddening, that so many people; mums and dads, families and small businesses have been subject to unscrupulous behaviour, aggressive selling, dishonesty and greed. 

“They are the aggrieved purely because of self-interest driven objectives of particular market participants in the financial services industry, protecting their patch and personal gain.

“Members of the three professional accounting bodies are answerable to the highest level of professional and ethical standards, subject to ongoing quality assurance evaluations, and must maintain currency of knowledge through committed and continuous professional development and training," Mr Conway said.

“We believe the time has come for a more open conversation about returning to a time where broader and deeper holistic conversations between accountants and clients are allowed through the financial service legislation.

“In some of these cases, such conversations could have identified and potentially resolved a number of the issues or at least alleviated some of the negative impact that victims of financial services misconduct have had to endure,” Mr Conway said.

www.publicaccountants.org.au

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THE VOICE of the nation’s second largest industry is calling on the Federal Government to support growth in the $222 billion building and construction in the Federal Budget. 

Releasing Master Builders Australia’s Pre-Budget Submission, CEO Denita Wawn said the Budget should back the nation’s builders so that they can continue to play their role as drivers of growth, builders of a stronger economy, creators of jobs and opportunities for young people in every community around the country. 

“A strong building industry means a strong economy," Ms Wawn said. "Our industry has done the heavy lifting over recent years to support the economy’s transition from the mining construction boom and is now underpinning much of the economic growth supporting the return to surplus that’s forecast for 2019/20. What we need now are Budget measures to help our industry sustain that growth. 

“Master Builders is the only industry peak body that represents small, medium and large businesses in the building and construction industry. We are calling for Budget measures that will underpin construction activity for contractors and sub-contractors across the residential, commercial and civil construction sectors,” Ms Wawn said. 

Master Builders’ key priorities for the Federal Budget 2019 leading into the Federal Election include: 

Backing Small Business: 

A new independent small business agency to more rigorously test the impact of legislation and regulation on SMEs and spearhead changes to make the Federal Government a ‘model procurer’ making taxpayer funded projects more accessible to small business. 

Tax Incentives to Drive Growth: 

Tax incentives including keeping negative gearing and the capital gains tax discount, increasing the instant asset tax write off to $30,000 and make it permanent and a time scale for the 25 per cent company tax rate to apply to all businesses.

Creating More Jobs and Boosting Vocational Skills: 

New funding for an additional kick-start apprenticeship program in 2019-20 and greater support for pre-apprenticeship programs to ensure the industry has an appropriately skilled future workforce. Help revive the apprenticeship brand with parents, teachers and young people with a new $10 million for the Real Skills for Real Careers campaign. 

Increase Housing, Boost Infrastructure, Improve the Built Environment: 

Increase direct government funding of public infrastructure, expand cross-government activities to boost supply of housing and infrastructure, increase the provision of adequate stock of public housing and tie NAHHA funding to performance in meeting targets and boost funding the Australian Building Codes Board (ABCB) with a focus on implementing the recommendations of the Building Confidence Report (Shergold Weir Report). 

Support for Safety and Workplace Relations Agencies: 

Support a safer and more productive building and construction industry by adequately funding the agencies charged with stopping building union bullying and best safety outcomes on construction sites including the Australian Building and Construction Commission (ABCC), the Registered Organisations Commission, Safe Work Australia and the Office of the Federal Safety Commissioner.

www.masterbuilders.org.au

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INDUSTRY Super Australia (ISA) has launched an advertising campaign to raise community awareness of the extent of unpaid superannuation and the need to make changes to the law.

According to a 2018 ISA analysis of tax office data, one third of Australian workers are missing out on almost $2,000 a year in superannuation entitlements.

Other research shows persistent underpayment can result in someone having tens of thousands of dollars less superannuation than others of the same age and wage bracket at retirement.

“This money, which could be the difference between living well or just getting by in old age, should be in workers’ accounts,” ISA chief executive Bernie Dean said.

In 2017, a Senate inquiry found that, besides short-changing workers, unpaid superannuation gave some businesses an unfair advantage while driving up public pension costs.

Yet, despite the damning findings, a key recommendation to align the timing of superannuation payments with regular pay cycles has since found little traction with policy-makers.

Mr Dean said that ISA’s new advertising campaign sought to both raise consumer awareness and urge parliamentarians to fully adopt the inquiry’s recommendation.

“Currently, employers are only required to pay super into a worker’s account on a quarterly basis, so what’s on a pay slip may not reflect actual payment," Mr Dean said.

“That the onus is on workers themselves to check they’re being paid a fundamental entitlement is quite unreasonable,” he said.

“Aligning superannuation payments with wage payments would enhance transparency and streamline compliance. It’s a win for everyone”.  

A Bill which extends single touch payroll obligations to all employers and may provide a foundation for further law changes for the synchronisation of superannuation payments and wages is currently awaiting further consideration by the House of Representatives.   

The campaign goes live on 10 February 2019 and will run across television, social media, digital platforms and search engine marketing.

ISA’s director of marketing is Alana Burnside and the creative agency is The Shannon Company.

View the new unpaid super advertisement here.

ISA

Industry Super Australia provides policy, research and advocacy on behalf of 16 not-for-profit industry superannuation funds with around six million members.

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WITH Valentine’s Day just a few days away, the Australian Retailers Association (ARA) predicts florists, chocolate and jewellery retailers will be exceptionally busy filling orders and stocking shelves to prepare for the upcoming romantic event.

With Cupid’s arrow striking again this year, Russell Zimmerman, executive director of the ARA said he’s expecting retail sales and in-store foot traffic to rise in the lead-up to Valentine’s Day.

“As Valentine’s Day is a widely celebrated event, we expect to see specialty retailers in particular receive a considerable increase in sales both in-store and online,” Mr Zimmerman said. 

“With romance in the air, the ARA believes retailers will have their hands full of gift options to assist hopeless romantics in securing the ultimate gift for their special someone or even themselves.” 

Although Valentine’s Day was once a notoriously renowned holiday for men to express their gratitude to women, in recent years the ARA has noticed a slight alteration to this tradition as the number of women purchasing gifts for men continues to increase each year. 

“The Valentine’s Day tradition of gifting dates back as early as the 14th century,where poems and roses were exchanged from men to women as a gesture of love and gratitude,” Mr Zimmerman said.

“While past customs have favoured men gifting presents to women, we have noticed a refreshing change to this tradition recently, with more women sending gifts and writing cards to men.”

With Valentine’s Day marked as one of the busiest days of the year for Australian florists, Gerry Gerrard, CEO of Interflora expects approximately five million blooms to be delivered across Australia during the Valentine’s Day period, with many florists working 48 hours or more to prepare for the surge in orders.

“Valentine’s Day is the single busiest day of the year for Interflora florists. We sometimes receive a whole month’s worth of orders in single day. Many florists will be working around the clock to prepare for the increased volume in orders to ensure that there are no disappointed lovers on the special day,” Mr Gerrard said.

While red roses have been established as a Valentine’s Day gift staple, Mr Gerrard said he has noticed a slight change in consumer preferences over the last few years,with some customers opting to purchase colourful alternate flower varieties and personal floral arrangements to gift to their significant other.

“Tastes and trends are changing, and we have noticed a rise in the popularity of other coloured roses and even different flower varieties such as lilies and wildflowers.Customers now appear to be choosing flowers and colours that have specific meaning or significance to their relationship and personal tastes.” 

With an extensive range of floral arrangements on offer, the ARA believes chocolate retailers will also be busy at this time of year, with Fiona Krawczyk, marketing manager of Haigh’s Chocolates recording a noticeable spike in online sales and in-store foot traffic in the days leading up to the event.

“Online and in-store traffic increases tenfold in the lead-up to Valentine’s Day. Chocolates are always popular gift whether they are the main gift or an additional indulgence item that is included with other gifts and we have a lot of customers who like to purchase their loved one’s favourite chocolates in abundance,” Ms Krawczyk said.

Jewellery retailers are also expected to be preoccupied in the days before the romantic holiday, with Carson Webb, general manager of Jimaco Ltd, Showcase Jewellery Buying Group marking the day as the opportune time for proposals to occur, as romantics look to purchase timeless gemstones to present to their special someone.

“As Valentine’s Day continues to grow in popularity, we’re finding that proposals actually increase during this time. Diamonds are so unique and individual and are a popular gift option for the Valentine’s period as they are timeless piece that can be cherished for years to come,” Mr Webb said.

So, whether you’re on the hunt for a meaningful floral arrangement, a dazzling sparkler or looking to complete your gift with chocolates, or simply treating yourself to a special shopping spree, there are plenty of ways to express your affection and appreciation for your significant other this Valentine’s Day.  

About the Australian Retailers Association:
Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 million people. As Australia’s leading retail peak industry body, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,700 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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