BRISBANE City Council’s move to ban single-use plastic straws and water bottles and phase out helium balloons from their events is welcome news for marine life said the Australian Marine Conservation Society (AMCS).

“AMCS welcomes the move by the Brisbane City Council to ban these single-use plastics at over 50,000 of their associated events annually. This is a huge step towards reducing marine plastic pollution its impacts on our unique marine life in Moreton Bay,” said James Cordwell, AMCS marine campaigner.

“Plastic pollution has a long and wicked legacy in our oceans, breaking down into smaller and smaller unidentifiable pieces and lasting forever. This pollution flows into places like South-east Queensland’s iconic Moreton Bay. Once it enters the ocean our marine animals are entangled, suffocated and starved by it.

“The banning of these straws, balloons, and plastic water bottles, along with the forthcoming implementation of Queensland’s Plastic Bag Ban and Container Deposit Scheme, are very encouraging steps for Queensland. These are crucial moves to put an end to an era of these highly damaging items from impacting on our marine environment.

“With this announcement, and as stewards of an incredible marine natural heritage, Queenslanders are again proving we can be a national leader in turning the tide against harmful plastic pollution.”

www.marineconservation.org.au

ends

THE FEDERAL Government is continuing to protect the integrity of Australia's corporate tax system – ensuring foreign investors don't have a competitive advantage over Australian investors.

Today it released exposure draft legislation and explanatory material for public consultation on the tax treatment of stapled structures to give effect to the policy announced on 27 March 2018.

This puts into action targeted integrity rules designed to neutralise the tax benefits of stapled structures.

An increasing number of foreign investors have sought to convert trading income into more favourably taxed passive income through the use of stapled structures. When combined with existing concessions used by foreign pension funds and sovereign wealth funds, some foreign investors are currently paying tax rates of 15 percent, or in some cases, far less.

The proposed amendments in the announced package will ensure that:

• trading income that is converted to passive income will be taxed at the corporate tax rate;
• foreign investors will no longer be able to use multiple layers of flow-through entities (i.e. trusts and partnerships) to 'double gear' their investments to generate more favourably taxed interest income;
• foreign pension fund withholding tax exemption for interest and dividends is limited to portfolio investments only;
• a legislative framework is created for the existing tax exemption for foreign governments (including sovereign wealth funds), and limit the exemption to passive income from portfolio investments; and
• investment in agricultural land will not be able to access the 15 per cent concessional MIT withholding tax rate.New, Government-approved nationally significant infrastructure assets may be eligible to access the 15 per cent concessional withholding tax rate for managed investment trusts for 15 years. This will ensure continued support for the development of nationally significant infrastructure assets that enhance the productive capacity of the economy and drive long term economic growth.

To minimise the impact of these changes on existing investments, the proposed amendments include transitional arrangements of seven years (for ordinary business staples) and 15 years (for economic infrastructure assets).

The stapled structures package is an important integrity measure, and the Turnbull Government is committed to introducing legislation as soon as possible. To maximise time for consultation, draft legislation will be released in stages, starting today.

The released exposure draft legislation contains the first four proposed amendments in the package. Draft legislation on the agricultural MIT changes and the conditions stapled entities must comply with to access the infrastructure concession and/or transitional arrangements will be released in due course.

The exposure draft legislation and explanatory materials are available on the Treasury website.

The Federal Government is encouraging all interested parties to make a submission.

ends

THE FEDERAL Government’s vision of a strong, resilient and internationally competitive Australian defence industry took another step forward yesterday with the inaugural meeting of the Defence Export Forum in Canberra.

The meeting was chaired by the Australian Defence Export Advocate, David Johnston and brought together Commonwealth agencies, state and territory governments, and industry peak bodies.

Defence Industry Minister Christopher Pyne said the states and territories are important partners in achieving the government’s vision for Australian defence industry.

"The Defence Export Forum will help deliver a collaborative approach, allowing us to coordinate export advocacy efforts across all levels of government and industry, minimising duplication of resources,” Minister Pyne said.

The Forum was an important initiative of the Defence Export Strategy released on 29 January 2018, which set out a comprehensive approach to delivering an export system to plan, guide, grow and measure defence exports.

The inaugural meeting follows the opening of the Australian Defence Export Office on 23 April 2018.

Minister Pyne said the opening of the Export Office and the establishment of the Defence Export Forum shows that the government is delivering on what it says.

“We are delivering what Australian defence industry needs to achieve export success, become more sustainable and more internationally competitive, all in support of Australia’s Defence capability,” Minister Pyne said.

ends

A CYBER Security Conference and future-focused StartUp Conference rounded out the three days of Asia Pacific’s largest business technology exhibition, CeBIT Australia which was held at ICC Sydney this week.

Angus Taylor, Federal Minister for Law Enforcement and Cyber Security opened the Cyber Security Conference, warning that organised crime has previous impacts on our society with 2 percent of Australian GDP linked to organised crime and the rates are increasing, with one in 50 economic actions related to crime, and most of them not originating from Australia.

Between 2016 and 2017 there was a 30 percent increase in global security breaches across the world, with an average of 130 breaches per company, he reported.

The solution, Minister Taylor remarked, is to focus the efforts on specific activities and work towards four major goals; to sharpen the focus on cyber infrastructure, to develop a system of national security where the government and private sector work together, to form legislation specifically for cybercrime, and to raise awareness amongst SMEs and the public on the real threats we are facing.

Budding tech entrepreneurs attended F’Up Night, on Wednesday 16 May, which featured three founders of tech businesses sharing the major mistakes they made along the way and what they learned from them.

Other highlights of CeBIT included:

• Be.You, showcased their free BU Personal Style app that recommends your best colours, style to suit your body shape and through curated content can recommend how to tweak your wardrobe
• TRAVLR, creators of the Bali Bible, showcased their app on the Amadeus stand, which enables travellers to use a single platform from start-to-end for all their travel directory needs
• Design + Industry, a technology engineering consultancy on the NSW Government stand, have designed smart rechargeable wheels that can be applied across a range of industries to create effortless mobilisation
• Rhythmotronusing XronoMorph software, exhibiting with Western Sydney University, demonstrated an interactive robotic drumming-machine, housed in a re-purposed piano
• The launch of Everywhere Venues, which compiles business, community and sporting venues for ease of hire to the public

First time exhibitor 8x8 joined CeBIT Australia this year due to the focus on innovation. Brendan Maree, VP for Asia Pacific, said people were coming to CeBIT to see what is new to keep developing their competitive advantage.

"We've met lots of people who are looking for cloud technologies, so we have met the right type of people here for our business, and that has driven some really good opportunities for us," said Mr Maree.

PitchFest 2018, saw ten StartUps go head-to-head in a ‘shark-tank’ style competition, where a panel of four entrepreneurs judge the winning company.

Deputy Premier and Minister for Small Business John Barilaro said the quality of finalists for PitchFest was outstanding, which demonstrates how the StartUp sector is creating innovative solutions to improve all sectors of the economy.

Ping Data took out the top prize of PitchFest, winning a prize package valued at over $20,000; comprising of a fully-paid exhibition stand at CeBIT Australia 2019, three Square Contactless and Chip Readers from Vodafone, a Norton Small Business-10, which protects 10 devices for 12 months, a $10,000 USD Alibaba Cloud credit valid for one year, three months free co-working space at Tank Stream Labs in Sydney, a one-year membership to TIE Sydney, and ongoing support and mentorship. 

"Ping Data has been assisted by the NSW Government-backed Jobs for NSW to develop its technology and was one of nine NSW finalists for PitchFest, so this is a great result for our technology sector," said Mr Barilaro.

Harvey Stockbridge, managing director, Hannover Fairs – organisers of CeBIT Australia, said CeBIT Australia 2018 has been a remarkable success.

“We’ve been able to reveal a variety of powerhouse companies and StartUps, both domestically and internationally at CeBIT, and we are thrilled with the new connections and business opportunities that have already been ignited here.

“CeBIT plays a vital role in bringing together investment, talent and ideas under one roof, with a platform designed to engage.

“Many of the initial conversations taking place at CeBIT will translate into exciting new businesses, jobs and solutions that we will all benefit from,” said Mr Stockbridge.

www.cebit.com.au

ends