THE GOVERNMENT’s announcement that further consultation into ASIC’s future funding model will take place has been welcomed by the Institute of Public Accountants (IPA). 

“The IPA argued strongly that the originally proposed one-off fee increase from $107 to $3,429 for new auditors of SMSFs was exorbitant,” said IPA chief executive officer, Andrew Conway. 

“While the new proposed fee has been reduced to $1,927 is a step in the right direction, it is still far too high and will only deter new entrants into the SMSF auditor market.

“Keep in mind, the ATO currently already collects $259 from each SMSF to finance the SMSF monitoring role the ATO conducts on behalf of ASIC.

“This levy was a mere $45 in 2008 but now equates to approximately $142.5M (550,000 SMSFs multiplied by $259) to monitor the sector including SMSF auditors.

“In 2011/12, the Government provided ASIC with $10.7million over five years, to develop and maintain an online registration system for auditors of SMSFs.  ASIC also developed a competency exam for auditors, enabling ASIC to deregister non-compliant auditors.

“The Government also gave the ATO $10.6million over five years to police registered auditors, check their compliance with competency standards set by ASIC and where necessary, refer non-compliant auditors to ASIC for appropriate punishment.

“Surely, any fee increase under the proposed fees-for-service funding model must take into account the money already being collected via the ATO supervisory levy.

“While we understand the objectives of a new funding model and the role of ASIC, we have a major concern over any impact these fees will have on competition, especially when there has already been a decline in the number of SMSF auditors in a market which is being dominated by the major players.

“We simply ask, what is the justification of these fee increases?

“We look forward to the next round of consultation to get ASIC funding and resourcing right,” said Mr Conway.

www.publicdaccountants.org.au

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THE Australian Fisheries Management Authority's (AFMA’s) annual public meeting will be held on Wednesday 9 May 2018 in Canberra.

This meeting gives stakeholders the opportunity to meet with AFMA Commissioners. All stakeholders are invited to attend.

 Where: Australian Fisheries Management Authority, 6th Floor, 73 Northbourne Avenue, Civic, Canberra.

Time: The meeting will commence at 9.30am and finish with morning tea by 10:30am.

Date: Wednesday 9 May 2018

RSVP: By Tuesday 1 May 2018 to Executive Secretary, Andrew Pearson, on: Ph: (02) 6225 5576

Email: This email address is being protected from spambots. You need JavaScript enabled to view it..

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THE Innovation, Industry, Science and Resources Committee has tabled its report for the Inquiry into impacts on local businesses in Australia from global internet-based competition.

Internet commerce currently accounts for only a small proportion of the Australian retail market but is growing rapidly. As a result of this growth, Australian businesses are experiencing increased competition from overseas firms using the internet to directly market to Australian consumers. At the same time many Australian small businesses are exporting their products to consumers across the world for the first time.

The Committee Chair, Barnaby Joyce MP, stated that "the Committee has recommended the creation of a digital grants program for small businesses. Online shopping is only going to continue to grow and disrupt trade in traditional bricks and mortar shops around the country.

"It is vital that we support Australian businesses to invest in the digital technologies, while demonstrating advantages of the virtual marketplace based in regional areas where infrastructure like the NBN is available and overheads such as rent can be much cheaper, that will enable them to take advantage of internet retail opportunities," Mr Joyce said.

The Committee also considered the effects of internet competition on employment.

"As technology changes so do the skills required in the workforce. Because of this, the Committee has also recommended the establishment of a digital retraining fund to support Australian workers to develop their skills in using the technologies that will be crucial to finding and maintaining jobs in the future," Mr Joyce said.

The Committee made further recommendations relating to: Australia’s ability to forecast future workforce skill needs; developing information materials for small businesses; and the regulation of digital retail platforms.

The report is available on the Committee’s website.

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THE five-yearly Census provides critical data and information to support important Australian decisions by governments, community organisations, businesses and individuals.

The Australian Bureau of Statistics (ABS) is reviewing the information collected in the 2021 Census of Population and Housing to ensure it best meets the nation’s needs and informs Australia’s important decisions.

A public consultation, launched today through the ABS website, seeks input from data users, community groups and organisations on their data needs and the most useful information to collect in the 2021 Census.

Population and Social Statistics General Manager Dr Paul Jelfs said, “It’s important that our nation’s largest statistical collection remains relevant and meets users’ needs”.

“Submissions can be easily made via the ABS consultation hub,” Dr Jelfs said.

The ABS will assess any changes suggested through the submission process based on evidence and demonstrated need. We will seek to minimise the burden on the community by managing the number and complexity of questions asked in the Census.

“It’s wonderful to see quality 2016 Census data being used widely and this consultation process is about ensuring our 2021 Census data is even more valuable and useful,” Dr Jelfs said.

“The Census adds to the wealth of knowledge from other ABS data collections,” Dr Jelfs said

The ABS has been undertaking a comprehensive review of the operation of the 2016 Census and has identified areas of improvement for 2021. As we work towards 2021, the ABS will share our approach to how people can participate in the Census, our approach to ensuring privacy and security of information and how we provide the final Census results.

Submissions on 2021 Census topics close on 30 June. Following analysis, the ABS will publish preliminary findings from this consultation process then make recommendations to the Australian Government.

Details on how to participate, including instructions for making your submission and frequently asked questions are available online at http://www.abs.gov.au/census-consult

The Census of Population and Housing: Consultation on Content 2021 publication provides detailed information on the topics.

For access to the latest Census data, visit www.abs.gov.au/census.

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