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Single Touch Payroll offers benefits, but with costs - IPA

THE INTRODUCTION of Single Touch Payroll (STP) is in line with the Government’s digitisation agenda and should be supported, but there are still small businesses out there that will feel the compliance burden that it entails, according to the Institute of Public Accountants (IPA).

By July 1, 2019, businesses with less than 19 employees are expected to have implemented STP.

"While initially STP delivers little benefit to small business, we acknowledge that other benefits exist such as transparency over superannuation guarantee payments,” IPA chief executive officer, Andrew Conway said.

“Employees will be able to log on and make sure they are being paid the correct amount for their superannuation contributions so this level of transparency is most welcome.

“Our concern is for the 70,000 small businesses that have been identified that will struggle to implement STP without help and support. Many of these businesses are not digitised and will require adoption of technology and education.

“For small and micro businesses employing less than five people to implement STP before July 1 2019, will take considerable incentive and support.

“We support the notion of a phased and targeted incentive approach as proposed by the government.

“Hence, we are pleased to note that the government is considering a partial offset of costs and other incentives. However, we would like much more detail to ensure small businesses are not adversely impacted by the implementation of STP.

“There is also a reliance on strong internet connections which would disadvantage many working in more remote areas of Australia,” Mr Conway said.

publicaccountants.org.au

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The Maker Games: It’s high noon for UNSW’s start-up factory

INDUSTRY giants submit their wicked problems, and engineering students solve them – with the winners going to Silicon Valley: that’s the premise of the Maker Games, a rapid prototyping competition headed for the finals this weekend.

Curly problems provided by leading companies – Cisco, Commonwealth Bank, Telstra, Transurban, Phillips, WSP Parsons Brinckerhoff, Westfield, Rebel Sport and Vertif IT Solutions – have been taken up by teams of undergraduate engineering students at the University of New South Wales, who pitched solutions, then spent three months in an intensive rush to develop technical prototypes. 

The prize? A $25,000 all-expenses-paid trip to California to visit Silicon Valley icons and all the hot new start-ups.

The response? Almost 1,000 UNSW engineering students have signed up, and 17 teams have been beavering away for the past 12 weeks ahead of the showcase and finale on Saturday in front of the participating companies who will determine the winners.

“Engineers are not made like they used to be – students now need to be entrepreneurs and develop ideas and solutions to real-world problems, from which many of them either launch their own start-ups, or become part of emerging companies,” said Prof Mark Hoffman, UNSW’s Dean of Engineering.

“That’s the inspiration behind The Maker Games,” he added. “We have industry partners with really wicked problems, and we match them with the brightest engineering students in the country – and large numbers of them –  who are keen to apply the knowledge they’ve gained at UNSW to solving real world problems.”

Co-ordinator of the project is Danielle Neale, Entrepreneur-in-Residence at UNSW Engineering. “It’s been the most successful undergraduate exercise of this kind we’ve ever had. Students have taken up difficult industry challenges, and done so with gusto. Some of the ideas are really innovative, and those ideas are getting prototyped into products and solutions that are coming to life before our eyes.”

Five experienced industry specialists – with backgrounds in areas such as wearable computing, chemical engineering and internet-of-everything (IoT) devices – have also been on hand to help the students during a three-day ‘hack session’ earlier this month.

One of the challenges set by Cisco was to develop an advanced capability tracking sensor with very low-power requirements to monitor and track gas cylinders.

“The prototype developed by the students was well thought-out, and went beyond just tracking, which is a very common IoT use case,” said Jeff Apcar, a Distinguished Services Engineer at Cisco. “It uses a suite of sensors – including a gyroscope, GPS module, temperature and pressure sensors – that integrate into a IoT network via a LoRa low-power wide-area radio technology. The guys put a lot of work into the cylinder collar design using 3D prototyping. The end result is going to look great.”

The showcase and finale for UNSW’s Maker Games is being held on Saturday at the University of New South Wales from 3pm-7.30pm at Leighton Hall, Scientia Building, Kensington campus in Sydney.

 

UNSW’S FACULTY OF ENGINEERING

UNSW’s Faculty of Engineering is the powerhouse of engineering research in Australia, comprising of nine schools, 32 research centres and participating or leading 10 Cooperative Research Centres. It is ranked in the world’s top 50 engineering faculties, 11th in the world in civil engineering and 6th in the world in water resources. 

The faculty is home to Australia’s largest cohort of engineering undergraduate, postgraduate, domestic and international students. UNSW is ranked #1 in Australia for producing millionaires (#33 globally) and ranked #1 in Australia for graduates who create technology start-ups.

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Austrade and airlines peak body talk tourism

FEDERAL Parliament's Northern Australia Committee will hold two public hearings in Canberra on Thursday, 19 October and Friday, 20 October 2017 as part of its Inquiry into Opportunities and Methods for Stimulating the Tourism Industry in Northern Australia.

As part of this inquiry, the Committee is examining the impact of tourism on the economy of Northern Australia including how infrastructure investment can facilitate a sustainable tourism industry and have a lasting spill-over benefit for the greater economy.

Flight services and travel routes are vital to narrowing the distances between tourist destinations in Northern Australia as well as transporting goods at a faster rate. For international tourists and visitors, undertaking a flight bound for Australia often forms their first impression of Australia, and so has an impact on the overall tourism experience.

‘The Committee is eager to learn more about how Austrade is increasing tourism investment under the Australian Government’s Tourism 2020 strategy, especially through the Tourism Major Project Facilitation Service‘ Committee Deputy Chair, the Hon Warren Snowdon MP stated.

‘Easily accessible, affordable and reliable flight connections have long been a point of discussion for those who live and work in Northern Australia, and for tourists, can either make or break the tourist experience. The Committee is pleased to be able to discuss what is being done to improve flight services and routes within and to Northern Australia into the future.’ Mr Snowdon said.

Public hearing details: 

Thursday, 19 October 2017
Committee Room 1R6, Parliament House, 8.45 am to 9.45 am.

Friday, 20 October 2017
Committee Room 1R2, Parliament House, 10.00 am to 12.45 pm.

The proceedings will be broadcast live (audio only) at aph.gov.au/live.

Further information about the Committee’s inquiry, including submissions and the terms of reference, is available on the Committee’s website.

Interested members of the public may wish to track the committee via the website

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This evening: David Koch discussies jobs with David Thodey

JOBS for NSW chairman David Thodey will join television personality David Koch and a diverse audience from the finance sector at an event today to address the widening gap in the market for accessible finance for fast-growing businesses.

Jobs for NSW CEO Karen Borg said the Mind the Gap: accessible, affordable finance for scaling business event, to be held at The Mint in Sydney on 12 October, will bring together finance industry leaders to raise debate about the growing need for entrepreneurial capital.

“Funding fast-growth SMEs at the right time, with both public and private sector funding, is essential to the long term success of the NSW economy,” Ms Borg said.

“Government has a role to play and that is not to compete with traditional lending institutions but instead to meet the market where there are gaps in funding support.

“Funding options are growing in diversity in NSW and Australia – more and more VCs are around, and we see more equity and debt coming in to the market.

“However, many of these can only lend up to a certain amount and must charge a level of interest to run commercially.

“This is where there is a role for government to support fast-growth businesses – and why Jobs for NSW is offering grants, loans and loan guarantees.

Ms Borg said the event would feature discussion between David Koch and David Thodey, followed by a panel conversation focused on supporting scaling businesses who need a greater quantum of capital in order to scale.

“The panel conversation will be led by Mr Koch will include myself, David Phillips, Head of Investec Emerging Companies, Investec and Kontented CEO Kate Edwards.

Deputy Premier and Minister for Small Business John Barilaro said Jobs for NSW is targeting high-growth SMEs with three new loan products ranging from $200,000 to $1.2 million to provide emerging businesses with capital to grow and drive job creation across the State.

“The three new loan products will be a major boost to fast-growth business in metropolitan and regional areas,” Mr Barilaro said.

“The loans will address barriers NSW businesses face in accessing affordable finance and consolidate the Jobs for NSW loan and grant portfolio.”

Note: Images of David Koch, Jobs for NSW Chairman, David Thodey and Jobs for NSW CEO Karen Borg attached.

www.industry.nsw.gov.au

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Regular land releases feed future exploration success

THE Queensland Resources Council (QRC) has welcomed the release of the Annual Exploration Program for 2017-18, which includes more than 19,000 square kilometres for gas, minerals and coal exploration.

Chief Executive Ian Macfarlane said Queensland is continuing to lead the way in responsibly developing the resources sector.

“The economics of supply and demand are simple, if demand for gas is strong you need to increase supply to put downward pressure on prices. Queensland’s latest exploration program includes almost 18,000 square kilometres for gas and petroleum exploration, which builds on the state’s advanced gas industry,” Mr Macfarlane said.

“New South Wales and Victoria must follow in the footsteps of Queensland and work with industry to responsibly develop their own gas reserves. Both states were quick to claim that they supported the recommendations of Chief Scientist Alan Finkel’s report, but they have overlooked the recommendation which calls on governments to adopt evidence-based regulatory regimes to manage gas projects.

“We need all state governments to follow the advice of science, not shock jocks and scare campaigns, to underpin the east coast gas market and the jobs that rely on it.”

In total, four gas basins are set for exploration which include the Surat, Bowen, Eromanga and Adavale basins. The exploration program also includes 1100 square kilometers of land for minerals in the North-West Minerals Province and 540 square kilometers of coal in the Bowen and Galilee basins.

“Queensland is home to some of the highest quality coking and thermal coal in the world and over the last four years we’ve set new export records. In the state’s North West there is potential to unearth significant amounts of copper, zinc and gold which are the minerals used in new technologies including batteries, mobile phones and solar panels,” Mr Macfarlane said.

Queensland Exploration Council (QEC) Chair Brad John said investors from around the world would be interested in these new Queensland exploration opportunities.

“There’s nothing like greenfield land releases of premium coal and gas provinces and the world class North West Minerals Province to catch the attention of investors, geologists and explorers,” Mr John said.

In 2015/16 Queensland coal, gas and metal industries contributed $55.7 billion to the state’s economy, supported more than 275,000 jobs and paid $2.2 billion in royalties.

www.qrc.org.au

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