PARLIAMENT’s Intelligence and Security Committee will hold two public hearings on Thursday for its review of the Telecommunications and Other Legislation Amendment Bill 2016.

The Bill amends the Telecommunications Act 1997 to introduce a regulatory framework to manage national security risks of espionage, sabotage and foreign interference to Australia’s telecommunications networks and facilities. These networks and facilities form the backbone to other critical infrastructure sectors in Australia, such as energy, banking and finance, and are vital to the delivery and support of services such as power, water and health.

The regulatory framework established by the Bill is intended to formalise and strengthen existing industry-Government engagement and encourage early engagement with Government agencies on managing national security risks.

Public hearings will be held as follows:

Thursday 16 February 2017

Committee Room 2R1, Parliament House, Canberra
9.00am to 10.00am: Attorney-General’s Department

Committee Room 1R3, Parliament House, Canberra
4.30pm to 6.00pm: Roundtable hearing with Communications Alliance, Optus, Australian Mobile Telecommunications Association, Australian Industry Group and the Australian Information Industry Association

The hearings will be broadcast live at: http://www.aph.gov.au/live

Further information about the inquiry, including submissions, can be accessed via the Committee’s website at http://www.aph.gov.au/pjcis

ENDS

THE National Farmers’ Federation has called on the Parliament to pass the Government’s Enterprise Tax Plan in full.

Assistant Minister to the Deputy Prime Minister, Luke Hartsuyker, has welcomed the strong support of Australia’s farmers for the Government’s Enterprise Tax Plan.

Over the weekend, the ​National Farmers’ Federation issued a public warning that valuable new Asian export markets are in jeopardy if the Parliament does not pass the Enterprise Tax Plan in full.

“Australia’s farmers and agribusinesses are very efficient, producing the finest food and fibre in the world. But they are competing with one hand tied behind their backs because of Australia’s uncompetitive business tax rates,” Mr Hartsuyker said.

“Australia is a net exporter of food and fibre, with about two-thirds of total agricultural production exported. These exports make Australia wealthier, providing jobs and supporting regional communities.

“Australian agriculture has significant potential to supply the rapidly growing Asian markets on our doorstep, but the necessary increases in production and processing capability will require significant investment along the supply chain.

“With intense global competition for investment in agribusiness, it is vital that Australia moves toward creating a more competitive atmosphere for business.

“The Coalition Government is determined to deliver more competitive tax rates along the entire supply chain through our Enterprise Tax Plan. Labor’s stated intention of limiting company tax relief to small business will create roadblocks for investment at vital points in the integrated supply chain.

“Australia’s farmers have made it clear that the Government’s Enterprise Tax Plan is vital for our national economic development. Labor now has a choice – support Australia’s farmers by backing the Government’s Enterprise Tax Plan, or prove once again that Labor has no idea about Australian agriculture or regional communities.”

www.minister.agriculture.gov.au

ends

APPLICATIONS are now open for the Visions of Australia regional exhibitions touring program.

THE Institute of Public Accountants (IPA) has renewed its call for the return of the loss carry-back initiative introduced by the Government in 2012 but which only endured a one year life-span.

“The IPA had long advocated for the loss carry-back which gave viable businesses a boost when they needed it the most through more timely tax loss relief,” said IPA chief executive officer, Andrew Conway.

“With the repeal of the Minerals Resource Rent Tax, the loss carry-back became an instant casualty.

“Small businesses operating through companies generally have limited resources to cope with adverse trading conditions and may require short-term liquidity to meet day-to-day liabilities.

“This has always been one of the major shortcomings of the tax loss treatment rules for small corporate businesses; the inability to claw back previously paid taxes and having to wait to earn profits before they could recoup their tax losses.

“We are urging the Government to reintroduce the loss carry-back initiative allowing companies to claw back their tax paid when they incur revenue loss. 

“The provisions that were introduced struck the right balance between allowing losses and limiting exposure to government revenues by placing a quantitative cap in conjunction with a two-year carry-back period,” said Mr Conway.

These recommendations form part of the IPA’s pre-Budget submission. 

For more information go to: http://bit.ly/2jxoU7L

publicaccountants.org.au