EXECUTIVES from the four major banks will this week attend hearings conducted by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell to gather information for the ASBFEO’s Small Business Loans Inquiry.

Senior bank executives from ANZ, NAB, Westpac and the Commonwealth Bank have been summonsed to appear at the hearings – which will take place tomorrow, Tuesday 29^th and Wednesday 30^th November – and will be questioned on their practices in relation to small business lending.  The hearings will not canvas the specific and confidential details of individual cases.

“A range of themes have emerged during the ASBFEO Inquiry process, and a number of potential reform measures have been identified as significant and necessary to a robust relationship between financial institutions and their small business customers going forward,” Ms Carnell said.

The ASBFEO Inquiry is considering its recommendations and the hearings will question bank executives on these prospective reform measures. 

“We’re interested in hearing from the banks about their procedures in relation to loan contracts, dispute resolution services and the treatment of valuations, and we will press them on their willingness to change their approach to things like monetary and non-monetary defaults, and the role of administrators in relation to small business bank customers,” Ms Carnell said.

The ASBFEO has provided initial findings in relation to access to justice, to the Ramsay review of the financial system’s external dispute resolution and complaints framework.

“Among other measures, our interim report recommended the need for greater emphasis on small business lending in the Code of Banking Practice, and highlighted the limitations of the Financial Ombudsman Service (FOS) in dealing with disputes between small businesses and their financial lender,” Ms Carnell said.

This week’s hearings follow private hearings, which were held to gather information regarding the individual cases examined as part of the Inquiry process.

The ASBFEO Inquiry was established to investigate the adequacy of the law and practices governing financial lending to small businesses with a specific focus on a select number of cases investigated by the Parliamentary Joint Committee (PJC) on Corporations and Financial Services in its report ‘Impairment of Customer Loans’.

In accordance with the Terms of Reference, the ASBFEO’s final Inquiry report will provide advice to government on any deficiencies around the regulation and practices of banks, and will not make any determinations in regard to the circumstances of particular cases.

The hearings can be viewed live from 9am via web-stream at www.asbfeo.gov.au

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MANY accountants are lagging in engagement with Generation X and Y Millennials but it should be simple, according to the Institute of Public Accountants (IPA).

“To attract younger generation clients we need to know what makes them tick,” said IPA chief executive officer, speaking at the IPA’s national congress last week.

“While there are differences and not just age differences between Gen X and Millennials, there are some core values which both generations share.

“Generation X values relationships, family, freedom and a good work-life balance.  They tend to struggle with limits and rules, which also means they need advice to guide them through the compliance trail that our members live and breathe every day.

“Generation Y or Millennials value family, personal connection and loyalty.  They seek what is genuine; are optimistic when it comes to change; advocate for the environment and social justice.  They also place high value on tolerance and diversity, teamwork and work-life balance.

“Common ground between these generations are the values of diversity, opportunity and social value.

“Recognising these factors gives accountants as trusted advisers a good starting point for conversation; then it’s a matter of drilling down to understand their individual needs,” said Mr Conway.

publicaccountants.org.au

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THE House Tax and Revenue Committee will this week hear from the Australian Tax Commissioner and the Inspector-General of Taxation in its review of the performance of the Australian Taxation Office (ATO) over 2015–16.

The meeting will start with evidence from the Council of Small Business Australia, the peak body which exclusively represents the interests of small business.

The Committee Chair Mr Kevin Hogan MP said, “The ATO is undergoing a major reinvention process, aiming to both increase voluntary compliance and enhance the community’s confidence in the fairness of our tax and superannuation systems. At the Committee’s last public hearing, tax professionals welcomed a developing sense of partnership with the ATO in advancing these goals, while the ATO’s submission also reported technical successes with its online myTax/etax lodgements up nine per cent on last tax time (as at October 2016)”.

“On Wednesday, the Committee will take evidence from the Tax Commissioner and ATO officials about the measures being deployed to improve willing compliance across the whole community—from small to very large business, and individuals, while the Inspector-General of Taxation and his Deputy will be invited to discuss the fairness and efficiencies of the ATO’s debt collection processes, and related matters,” Mr Hogan said.

Public hearing details: 4:10pm, Wednesday 30 November, Committee Room 2R1, Parliament House, Canberra

4:10pm: Council of Small Business Australia
4:40pm: Australian Tax Commissioner and Officials
4:30pm: Inspector-General of Taxation and Deputy
6:10pm: Close

The hearing will be broadcast live at aph.gov.au/live. 

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

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PARLIAMENT'S Northern Australia Committee has commenced an Inquiry into Opportunities and Methods for Stimulating the Tourism Industry in Northern Australia.

The Government’s White Paper on developing Northern Australia, released in June 2015 recognised tourism as an industry with ‘bright prospects in the North’ and that Northern Australia could ‘capitalise on its iconic locations, open spaces and clean environment to host the millions of tourists every year.’

The Committee Chair, Warren Entsch MP, stated, ‘Tourism is an industry central to the economy of many parts of Northern Australia and has the ability to provide greater short and long term economic opportunities for communities across all regions.’

‘Despite offering a range of activities and great experiences, the numbers of both domestic and international visitors to Northern Australia has declined in the last decade when compared to those visiting the rest of Australia. The inquiry will investigate how tourism to Northern Australia can be stimulated and how impediments can be addressed.’

Submissions from interested individuals and organisations are invited by 16 February 2017. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

Further information about the Committee’s inquiry, including the full terms of reference and details on how to lodge a submission are available on the Committee’s website.

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