THE Joint Standing Committee on the National Capital and External Territories will be briefed tomorrow by the National Capital Authority about issues relating to the nation’s capital.

The briefing will be broadcast live on the Parliament House website.

Committee Chair, Senator Sam McMahon, said, “The Committee anticipates discussing a range of contemporary matters with the National Capital Authority during the public briefing.

“The briefing process is an opportunity for the Committee to maintain an ongoing awareness of issues relating to Canberra and the National Capital Authority.”

Further information may be found on the Committee’s website.

Further information about the National Capital Authority can be found on its website.

Public hearing details

Date: Thursday 17 June 2021
Time: 11am to 11:45am

The hearing will be broadcast live at aph.gov.au/live. Due to the COVID-19 pandemic, committee hearings are not presently open for physical attendance by members of the public.

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A GROWING NUMBER of Australian taxpayers earn income from the gig economy and must include it in their tax return, according to Australia’s leading professional accounting body, CPA Australia.

Senior manager tax policy Elinor Kasapidis said, “Lots of people turned to the gig economy to make ends meet during COVID-19.

“The ATO is aware of these ‘side hustles’ and matches data from platforms like Uber, Airbnb and AirTasker against individuals’ tax returns. This means the jig is up on the gig economy this tax time.”

Gig economy workers often work as independent contractors, but the term broadly includes people who earn income from bartering or sharing as well.

“If you drive people around, do odd jobs or freelance work, rent out your car or storage space, run social media accounts or sell products, you need to declare this income in your tax return," Ms Kasapidis said.

“The good news is that your expenses from earning this income may be deductible.”

Gig workers can claim deductions for most costs incurred in earning their income. Examples can include travel, vehicle, marketing, financing and home-office expenses.

“You can only claim a deduction for the work-related proportion of your use," she said. "Picking up an Uber fare on the way home from visiting mum doesn’t entitle you to write off all your car expenses.”

The ATO is cracking down on the cash economy. The consequences of not declaring cash income from the gig economy may include interest on an individual's tax bill and criminal and administrative penalties.

“It’s legal to receive payments in cash rather than electronically but you must report these amounts in your tax return,” Ms Kasapidis said.

"You don’t need to declare income from activities that are little more than hobbies or not intended to make a profit, but you can’t claim a deduction for them either.

“Don’t worry, the hundred bucks you earned from selling your designer handbag or off-loading your ‘barely used’ bike on eBay doesn’t need to be reported.”

COVID-19 tax issues

Ms Kasapidis said of the Covid-19 changes to earnings, “During lockdowns, some gig economy activities like ridesharing declined, while others such as food delivery skyrocketed. If your deductions are based on a representative period and your usual pattern of work changed due to COVID-19, you may need to prepare an additional record for this period.”

Contractors who received JobKeeper payments or other business grants must record these as business income in their tax return, she said.

"These are assessable and you may need to pay tax on them."

About CPA Australia

CPA Australia is Australia’s professional accounting body and one of the largest in the world. CPA has more than 168,000 members in over 100 countries and regions, supported by 19 offices globally. Core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest, engaging with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes.  cpaaustralia.com.au

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FOTOWATIO Renewable Ventures (FRV),  a global leading provider of sustainable energy solutions has started construction on its first 5 MWac solar-storage hybrid power plant in Australia.

Located in the Dalby region of Queensland, the Battery Energy Storage System (BESS) facility will feature 2.4 MWac of solar photovoltaic (PV) generation panels and a 2.5 MWac/5 MWh energy storage system which, once completed, will be one of the first co-located PV and BESS system greenfield developments in Australia.

The plant’s output will be connected to Ergon’s distribution network, allowing the hybrid power plant to supply and take electricity from the grid and trade in the National Electricity Market.

The plant is designed to be operated as a predictable and dispatchable generation plant, to provide a reliable energy output to Queensland customers. The system will have the ability to access the maximum number of markets and revenue streams, including arbitrage and FCAS*  services. 

Carlo Frigerio, managing director of FRV Australia, said, "Battery Energy Storage Systems are needed to support further investment in Queensland renewables and help maintain system security and reliability. This project will be critical to Queensland’s future energy supply and security as renewable energy capacity increases, with storage supporting solar and wind power coming into the market when it is most needed.

"The inclusion of PV as part of the project shows the importance of integrating solar and batteries in order to deliver dispatchable power."

Felipe Hernandez, global managing director of FRV-X, said, “FRV is already collaborating with governments, regulators, and partners around the world to lay the foundations for a new energy model. Energy storage will play a central and critical role to fully realise the power of renewable energy, and FRV acknowledges the value of this technology as a key element to achieve a decarbonised society."

This project is FRV’s ninth project in Australia becoming part of a total of about 640MWdc owned-projects’ portfolio.

Only last year, FRV reached three financial closes in Australia alone, demonstrating its continuing strong commitment to grow and consolidate its unique portfolio of solar and storage assets in the country.

The Dalby project also continues FRV’s global expansion in utility-scale storage systems. The company is aiming to further grow its pipeline of energy storage capacity and already has two battery projects in the UK; Holes Bay in Dorset, a 7.5 MW/15 MWh battery plant that has been operating since June 2020, and Contego, a 34MW/68 MWh battery project in West Sussex, that once completed in 2021, will be one of the most advanced and innovative energy storage systems in the UK. In addition to this, FRV has developed an advanced pipeline of battery projects in different countries.

The Dalby Hybrid Facility is expected to create job opportunities during construction and operations. FRV requires all construction partners working on its solar farm developments to hire local contractors and utilise local suppliers wherever possible.

Construction is expected to be completed in December 2021 and the facility has an operating life of around 30 years.

About FRV

Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, is a leading global renewable energy development company. In line with its ambition to continue leading the global transition to a more sustainable energy future, FRV has evolved from being just a developer to becoming an independent power producer.  www.frv.com

About Abdul Latif Jameel Energy

Abdul Latif Jameel Energy was established in 2012, and is now a leading independent power producer, and a premier service provider in the renewable energy sector, with interests in 16 countries around the world with capabilities in renewable energy, including solar PV, wind, waste-to-energy and environmental solutions, including desalination, water and wastewater treatment. alj.com/energy

REAL-TIME software company Vection Technologies Ltd (ASX:VR1) has signed a binding agreement to acquire European technology company and Dell Platinum and OEM partner, JMC Group. 

JMC is a technology company designing, developing, and delivering high-level integrated business technology solutions for Industry 4.0, underpinned by a strong knowledge in virtual reality and augmented reality (XR), internet of things (IoT), artificial intelligence (AI) and information and communication technology (ICT). 

This acquisition will accelerate Vection's expansion within the Europe, Middle East and Africa (EMEA) region while further integrating its XR portfolio with IoT, AI and ICT towards a 360-degree product suite for Industry 4.0. JMC's strong growth history is expected to provide a more robust foundation for the combined group as it grows within the EMEA region. 

Gianmarco Biagi, managing director of Vection Technologies, commented that this transaction represented a significant step in the company's vertical growth strategy to assist companies in their digital transformation plans via next generation integrated XR solutions. 

"Vection's executive team is adhering to the stated growth strategy to establish itself as a global technology company with a strong XR foundation, deeply integrated with innovative enabling technologies (including AI) and strong vertical competences.

"Via this acquisition we gain a significant technological and geographical advantage and the addition of key management within the European region, unlocking significant global growth opportunities for the company. We remain focussed on completing our 2021 M&A acquisition strategy via the expansion in the US while progressing on our previously stated commercial objectives." 

In commenting on the acquisition, JMC's founder and CEO, Jacopo Merli, said, "We share Vection's global vision of bringing together next-gen technologies with XR to enable companies to make the leap to the fourth industrial revolution. We are truly excited to pursue this opportunity and to grow the combined business across the EMEA region and abroad in the coming months." 

About Vection Technologies

Vection Technologies Ltd (ASX:VR1) is a multinational software company that focuses on real-time technologies for industrial companies' digital transformation.Through a combination of 3D, VR, AR, IoT and CAD solutions, Vection Technologies helps companies and organisations to innovate, collaborate and create value. http://www.vection.com.au/  https://mindeskvr.com/  https://blankcanvas.studio/

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