The House of Representatives Standing Committee on Economics will host a roundtable public hearing for its inquiry into Tax Deductibility in Canberra on Friday.

Date                Friday, 5 February 2016

Time                9.15am to 3.00pm

Venue             Committee Room 1R1, Parliament House, Canberra

Webcast         The hearing will be webcast (audio only) live

Among the issues to be discussed at the roundtable are ways to broaden the base of personal and company income taxes in order to fund reductions in marginal rates, including:

• the deductibility of expenditure of individuals in earning assessable income, and
• the deductibility of interest incurred by businesses in deriving their business income.

The roundtable will include a range of government and industry stakeholders, including:

• Australian Bankers’ Association
• Australian Council of Social Service
• Australian Chamber of Commerce and Industry
• Australian Financial Markets Association
• Australia Petroleum Production and Exploration Association
• Australian Private Equity and Venture Capital Association
• Australian Taxation Office
• ADJ Consultancy Services
• CPA Australia
• Chartered Accountants ANZ
• Commercial Asset Finance Brokers Association of Australia Ernst and Young
• Housing Industry Association
• Institute of Public Accountants
• KPMG
• Law Council of Australia
• Minerals Council of Australia
• Mr Richard Highfield (Private Capacity)
• Parliamentary Budget Office
• Property Council of Australia
• Research Australia
• Tax Justice Network
• The Treasury

A program and details about the inquiry, including copies of submissions, are available.

ends

VICTORIAN Chamber of Commerce and Industry Chief Executive Mark Stone said the Parliament of Australia must pass legislation to restore the Office of the Australian Building and Construction Commissioner (ABCC) to improve productivity, drive investment and restore confidence in Victoria’s building and construction industry.

"Victoria’s small, medium and large building and construction businesses need this independent regulator to ensure their growth is not hampered by unlawful behaviour," Mr Stone said.

"Unlawful industrial action can cost Victoria through lost productivity and reduced employment prospects, and damage our international reputation as a place to do business.

"We need a framework that ensures Victorians get the infrastructure and construction projects they need in the most cost-effective and safe way, that builds business confidence in Victoria as a solid and predictable investment choice," Mr Stone said.

"The restoration of the ABCC is in-keeping with the recommendations in our submission to the Productivity Commission’s review of Australia’s workplace relations framework and the united chamber movement’s 2013 election agenda.

"The Coalition Government was elected with a policy to restore the ABCC and we urge the Parliament of Australia to pass this vital legislation in a timely manner."

The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

victorianchamber.com.au

ends

FIRST-year university students who are studying an agriculture-related university degree only have two weeks left to apply for the Horizon Scholarship.

The Horizon Scholarship, an initiative of the Rural Industries R&D Corporation, in partnership with industry sponsors, provides $5,000 per year for the duration of a student’s university degree. Applications close on Friday, 19 February 2016.

The Horizon Scholarship also offers students annual industry work placements that give them first-hand exposure to modern agricultural practices, access to industry leaders, professional development workshops and opportunities to network and gain knowledge at a range of industry events.

Current Horizon Scholar, Paul Sanderson is studying Agricultural Science at Charles Sturt University in Wagga Wagga and he said the Horizon Scholarship provides much more than just financial assistance.

“I really wanted to have a good go at Horizon, because it just really gave the complete package - there are a lot of other scholarships out there that are just financial, but the opportunities that Horizon creates are a lot more valuable than the money itself,” Paul said.

“The industry networks I’ve gained through Horizon will definitely help somewhere along the line - whether I do extra off-farm work or not, those contacts will help me through my career no matter what pathway I take,” Paul said.

“With industry placements and of course the financial payments providing support through university, it’s a fantastic all-round program,” Paul says.

One of the most valuable aspects for Paul has been the industry placements, with his first experience in January 2014 taking him to a cotton farm in southern Queensland.

“Being sponsored by the Cotton Research Development Corporation, I felt it was the best opportunity for myself not having any background in cotton to get up there and learn about the industry.

“Horizon put me on to a fantastic farmer and I went up there and spent some time with him, and he also gave me opportunity to work with agronomists and other industry people while I was there.

“It really is the all-round package for young people wanting to get into agriculture – it’s a great program because agriculture really needs a lot more people getting on-board,” he said.

RIRDC’s Managing Director, Craig Burns said the Horizon Scholarship has been developed to support the next generation of agricultural leaders who will take up the challenge of farming for the future.

“The Horizon Scholarship not only provides students with financial support, but also invaluable personal development and networking opportunities,” Mr Burns said.

To be eligible for The Horizon Scholarship students must be entering their first year of university and studying a degree related to agriculture, such as agricultural science, rural science, livestock/animal science, veterinary science or agribusiness and plant science. Students must also have started their tertiary studies no longer than two years after leaving high school.

Scholarship recipients will be selected on the basis of their commitment to a career in agriculture, as well as their leadership potential and high school academic record. The Scholarship winners are announced in March 2016.

Application forms can be completed via the RIRDC website at www.rirdc.gov.au/horizon. 

Sponsors of the Horizon Scholarship are the Australian Egg Corporation, ANZ, the Cotton Research and Development Corporation, the Grains Research and Development Corporation, Horticulture Innovation Australia Limited, McCaughey Memorial Institute, Meat & Livestock Australia, Sugar Research Australia, and RIRDC (Rice and Chicken Meat research programs).

ends

THE Council of Small Business Australia (COSBOA) today declared the appointment of Kate Carnell as Australia’s first Small Business and Family Enterprise Ombudsman a huge victory for small business.

The creation of this position, by Minister Kelly O’Dwyer, is fully supported by COSBOA’s CEO, Peter Strong, who says: “We have been calling for an Ombudsman for our sector since 1977 when our association was first formed by concerned small business supporters. No other group has called for such a position until recently, so it seems that patience does pays off.

“Kate Carnell is a great selection and will help develop laws that specifically help and not hinder small business. With her experience in politics as an ex Chief Minister of the ACT and, running her own small business, we believe Ms Carnell is perfectly positioned to understand and represent the concerns of the small business community.”

Mr Strong added: “COSBOA knows from deep experience that some big businesses, Wesfarmers in particular, has used money, resources and its political influence to stop any policy that may provide fairness for small business.

“COSBOA also knows that government agencies still design tender processes and business communications to make their job easier, rather than get the best business outcome for government. Hopefully all this can change now that Ms Carnell is in place.”

Like COSBOA, Ms Carnell also supports an effects test with Peter Strong commenting: “The recent decision by the Abbott Government to shelve an effects test in competition law is a great example of how big business is in control. However, now with Kate Carnell in her new role we can expect an internal bureaucratic fight, while never even, at least the interests of small business are being represented.

"COSBOA hopes the appointment of Ms Carnell will improve communications and process for small business, as well as dispute resolutions, as she has the skills to stop many disputes happening or reaching a need for action.

"COSBOA is committed to representing the interests of small businesses across Australia, actively lobbying the Government to realise the role and importance of small enterprises for the economy and the country’s culture.

"Furthermore COSBOA publicly looks to put a stop to unfair big business practises, which have a harmful effect on small business."

For more information on COSBOA, visit  www.cosboa.org.au

ends