Business News Releases

TPB invites submissions on governance guidance for recognised professional associations

THE Tax Practitioners Board (TPB) is inviting submissions on a draft information sheet which provides recognised professional associations with further guidance on corporate governance, operational procedures and accountability requirements in the Tax Agent Services Regulations 2009 (TASR).

Chair of the TPB, Ian Taylor, said the development of this guidance reflects the TPB’s ongoing commitment to assisting existing recognised professional associations, and associations seeking recognition, to understand and demonstrate they meet their legislative obligations.

"An association that is a TPB ‘recognised professional association’ gives their voting members an additional pathway to meet the tax practitioner registration requirements with the TPB," Mr Taylor said.

"This draft information sheet outlines best practice for associations in demonstrating their processes and structures meet the requirements for recognition under the TASR."

"The draft information sheet is designed to provide these associations with additional support in clarifying the legislative obligations for recognition, adopting a principles-based and pragmatic approach rather than being too prescriptive."

"It is recognised that there is no one-set formula and that concepts of good corporate governance are contemporary in nature and will necessarily evolve over time as an organisation’s legislative environment and community expectations develop," Mr Taylor said.

"While corporate governance, operational procedures and accountability are just some of the requirements that professional associations need to meet for recognition, we have expanded our guidance on these requirements as corporate governance models differ depending on the nature, size and structure of operations," Mr Taylor added.

"Where an association needs to make changes to meet the TPB’s requirements, the TPB appreciates that these changes may take time to implement and, if this is necessary, the TPB will take a pragmatic approach in assessing an association’s ongoing compliance with requirements in the TASR," he said.

"However, we will expect associations to provide undertakings to the TPB that a relevant processes would be in place for the purpose of effecting any relevant changes where required, with the TPB kept informed in relation to progress."

This draft guidance also complements the TPB’s annual declaration process for recognised professional associations. In April 2016, the TPB introduced an annual declaration for recognised professional associations to demonstrate that they continue to meet all of the ongoing eligibility requirements associated with recognition (as set out in the TASR).

"The TPB implemented the annual declaration process to require all recognised professional associations to demonstrate that they continue to meet the ongoing eligibility requirements," Mr Taylor said.

Further information about eligibility requirements for recognised tax agent associations, including examples of the types of evidence that may demonstrate requirements are being met, is available at www.tpb.gov.au/recognised-professional-associations  

The TPB will consider all submissions and may undertake further consultation before finalising the information sheet exposure draft.

The exposure draft is available on the TPB website and the closing date for submissions is Friday 17 November 2017.


About the Tax Practitioners Board:
The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.

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Funding opportunity for Torres Strait fishers

A ONE_TIME funding opportunity is available to help the Torres Strait fishing industry transition to the new mandatory fish receiver system (FRS) to be introduced on 1 December 2017.

Funded by the Australian Fisheries Management Authority (AFMA), fishing associations and groups in the Torres Strait may be eligible for up to $4 000 each to support their members to transition to the new mandatory system.

AFMA’s Torres Strait Manager, Selina Stoute, said the FRS will collect accurate and timely data on commercial catches, meaning catches can be monitored against catch limits, helping to ensure sustainability of fish stocks into the future.

“Moving to a mandatory fish receiver system is a positive shift for the Torres Strait fishing industry, and one which will be made easier by working together with industry and local communities,” Ms Stoute said.

Funds can be used by associations and organisations for a range of activities such as holding meetings to pass on information, purchasing equipment such as measuring scales, and training for members to make the transition to the mandatory system a smooth one.

“Ultimately, it will be up to the associations to develop plans which best suit their individual circumstances and the needs of local fishers” Ms Stoute said.

Funding application forms can be downloaded from the Protected Zone Joint Authority (PZJA) website at pzja.gov.au. Applications must be submitted to AFMA by 30 October 2017.

For more information on the FRS, this one-time funding opportunity or to register your interest in becoming a fish receiver please contact Geoff Diver at AFMA’s Thursday Island office on 07 4069 1990 or This email address is being protected from spambots. You need JavaScript enabled to view it..

The Protected Zone Joint Authority is responsible for management of commercial and traditional fishing in the Australian area of the Torres Strait Protected Zone (TSPZ) and designated adjacent Torres Strait waters, and supports the introduction of the FRS.

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Consultation on reforms to address illegal phoenixing

 

THE Minister for Revenue and Financial Services, the Kelly O'Dwyer MP, today released for public consultation a paper entitled Combatting Illegal Phoenixing.

This consultation is a key step in the Government’s delivery of a comprehensive package of reforms to address illegal phoenixing.

The consultation paper seeks views on proposed reforms to the corporations and tax laws to deter and disrupt the core behaviours of phoenix operators, while minimising any unintended impacts on legitimate businesses and honest restructuring. The proposed changes will assist regulators to better target action against those who repeatedly misuse corporate structures and enable them to take stronger action against those entities and individuals.

“The Government is committed to helping the honest and diligent entrepreneurs who drive Australia’s productivity, but we won’t tolerate those who misuse the corporate framework for their own advantage,” Minister O’Dwyer said.

These reforms will complement other Government action we have already taken, including:

  • instituting the Phoenix, Black Economy and Serious Financial Crime Taskforces;
  • strengthening disciplinary rules for insolvency practitioners;
  • legislating to improve information sharing between key regulatory agencies;
  • reviewing and enhancing ASIC’s powers and enforcement tools;
  • consulting on law reform initiatives to curb the excessive drain on the taxpayer funded Fair Entitlement Guarantee scheme, which covers employees’ entitlements left outstanding as a result of failed business enterprises;
  • improving the collection of GST on new residential premises and residential subdivision transactions from 1 July 2018.
  • phasing in near real time reporting by employers of payroll and superannuation information to the ATO through the single touch payroll reporting framework, giving the ATO improved visibility over employers’ compliance with their tax obligations including the superannuation guarantee;
  • consulting on a register of beneficial ownership for companies, to be made available to key regulators for enforcement purposes; and
  • developing and improving legislation to encourage and protect whistleblowers.

Stakeholders are invited to comment on the consultation paper by lodging a submission online via the Treasury website. Submissions close on 27 October 2017.

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ASIC provides guidance for initial coin offerings

ASIC today released guidance to help issuers of initial coin offerings (ICOs) consider their legal obligations when offering coins or tokens.

ASIC Commissioner John Price said, "We want to ensure innovative firms understand the regulatory framework they may be operating under and ensure they meet any obligations they may have when raising funds in Australia."

ASIC and the Australian Competition and Consumer Commission (ACCC) also jointly warned people of the potential risks of investing in ICOs.

"ICOs are highly speculative investments, are mostly unregulated and the chance of losing your investment is high," ASIC Commissioner John Price said. "Consumers should understand the risks involved, including the potential for these products to be scams, before investing."

Information sheet 225 provides guidance about the potential application of the Corporations Act 2001 to businesses that are considering raising funds through an initial coin offering.

ASIC's MoneySmart website has also published guidance for investors on the risks of investing in initial coin offerings.

Background

ASIC is focused on the vital role that innovative businesses are playing in re-shaping financial services and capital markets. In addition to developing guidance about how these new developments fit into our regulatory framework, in 2015, ASIC launched its Innovation Hub to help fintechs navigate the regulatory framework without compromising investor and financial consumer trust and confidence.

The Innovation Hub provides the opportunity for entrepreneurs to understand how regulation might impact on them. It is also helping ASIC to monitor and understand fintech developments.

Innovative businesses can contact the ASIC's Innovation Hub for assistance in understanding the regulatory framework.

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Defence Industry Minister visits International Aeronautical Congress today

Minister for Defence Industry, Christopher Pyne MP, will attend the 2017 International Astronautical Congress in Adelaide today.

Minister Pyne said the 2017 International Astronautical Congress would bring more than 4,000 space professionals and enthusiasts together to discuss space issues and advancement.

“This year’s Congress would focus on secure access to satellites providing essential services, such as communications, timing, navigation and remote sensing,” he said.

“Through its diverse and extensive program of sessions and activities, the Congress will showcase space technologies, innovations, and ideas from around the world, including from Australian Government agencies’ space capabilities and Australia’s civil space sector.

“This is the second time the International Astronautical Congress has been held in Australia and there’s no more fitting place than Adelaide to host this first-class international event, with South Australia’s proud history in Australia’s space development.”

In addition to a walkthrough of the exhibits on display, Minister Pyne will open the panel session on ‘The evolving relation between Public Procurement and Industry on Space and Defence programs’ at the Global Networking Forum, as well as deliver the keynote speech at the Annual Awards Dinner of the International Institute of Space Law.

Minister Pyne said the Government was progressing its review of Australia’s space industry capability, while continuing with its program of investing in Australia’s space capabilities, including within Defence.

“This Congress is a fantastic opportunity for Australian industry to showcase its talents in space,” Minister Pyne said.

“I look forward to engaging with the world’s leading space experts and seeing the exciting space opportunities on offer.”

The International Astronautical Congress is the world’s largest annual gathering of space professionals, and has been held every year since 1950. Its parent organisation is the International Astronautical Federation, based in Paris, France.

For more information on the 2017 International Astronautical Congress visit: www.iac2017.org

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Melbourne celebrates small business passion

THE City of Melbourne celebrates the decades of service, passion and resilience of the city’s small, long term and generational businesses through the annual Lord Mayor’s Commendations.

Lord Mayor Robert Doyle AC has bestowed accolades upon 38 recipients at a ceremony overnight, recognising some of the city’s hidden gems, well-loved characters and colourful businesses.

The Lord Mayor’s Commendations recognise small business proprietors who have operated for three generations or more, or have operated for more than 10, 25, 40 or 50 years.

The Lord Mayor said small business is the lifeblood of the city and contributes to Melbourne’s unique character and identity.

“Through their creative vision and passion, our small business proprietors help make Melbourne the world’s most liveable city,” the Lord Mayor said.

“This year we’ve recognised a beloved bookstore in operation for 50 years, a showboat operator who has cruised Melbourne’s waterways for a decade and a North Melbourne automotive centre run by three generations of the same family.

“All recipients deserve recognition for their years of hard work and I am proud to award commendations to those who’ve withstood the test of time and continue to flourish.”

Among this year’s recipients is Joel Grosman, a third generation owner of Creative Wigs, Australia’s largest and longest-standing wig supplier.

“My grandfather opened Creative Wigs back in the 1950s and the business has grown to supply wigs to the general public and a whole range of industries, including the arts. We fit wigs for singers, dancers, actors, models and drag performers,” Mr Grosman said.

“A key part of our business I’m particularly proud of is our work for cancer patients. We’ve run wig fitting and educational workshops for hospitals and patients around Melbourne for many years, as well as working closely with the Look Good Feel Better program to help cancer patients throughout their journey.

“We’re honoured to be receiving a Lord Mayor’s Commendation; it’s a great recognition of my family’s hard work and our long history in Melbourne’s CBD.”

More than 13,000 small businesses call the City of Melbourne home, making up more than 80 per cent of all businesses in the area and combined, Melbourne’s small businesses employ 75,000 people.

Since its inception in 2005, more than 500 small business proprietors have received a Lord Mayor’s Commendation.

A black and white photographic exhibition of this year’s commendation recipients will be showcased at The Block Arcade on Collins Street from 28 September to 16 October, 2017.

A full list of the 2017 Lord Mayor’s Commendations recipients is available here.

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ARA looks for support to grow employment in the retail industry

TODAY the Australian Retailers Association (ARA) will hear the Federal Court discuss the fate of the penalty rate reduction in a three day Judicial Review of the Penalty Rates Decision.

On behalf of the retail industry, the ARA have been at the forefront of Penalty Rates Decision in the hope to reduce the strain on Australian retailers, put the unemployed back into the workforce, and increase trading hours across the nation to sustain growth for the Australian retail industry.

ARA Executive Director, Russell Zimmerman said Australian retailers are suffering and need the support in reducing penalty rates to ensure the longevity of Australian Retail.

“It’s really hard out there for Australian retailers at the moment as some are actually forced to limit their days of operation due to significant cost pressures,” Mr Zimmerman said.

“If the Penalty Rates Decision is upheld it will give retailers a chance to stand strong against the economic pressures facing the industry and further assist in reducing the unemployment rate.”

The ARA will continue to advocate for employment in the retail sector as the current penalty rates impose numerous operational limitations for retailers.

“With the imminent arrival of Amazon, and the ability of consumers to shop online when they want, retail must be given the chance to grow; and growth will only occur by allowing retailers to trade longer hours,” Mr Zimmerman said.

“Reducing penalty rates will give retailers the opportunity to open in regional and country areas, allowing retailers to employ more staff which will in turn increase customer service satisfaction.”

If the Penalty Rates Decision is upheld by the Full Court the ARA believe Australian retailers, employees and consumers can expect to see various opportunities arise.

The Judicial Review of the Penalty Rates Decision will begin today at the Federal Court in Melbourne and conclude Thursday 28 September. The ARA looks forward to a positive decision from the Federal Court upholding the Fair Work Commission’s Full Bench decision earlier this year.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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Cities’ prosperity anchored in regional success

TRADITIONAL, low density and car-orientated development in Australian cities and regional centres has given rise to a range of issues which inhibit economic growth and liveability.

The Committee on Infrastructure, Transport and Cities believes the development of nation’s settlements needs to be set on a more sustainable trajectory and is inquiring into the potential for Australian Government action.

Committee Chair, John Alexander OAM MP, said the Committee will conduct roundtable discussions in Brisbane this Friday to identify a role for the Australian Government in driving sustainability, liveability and productivity gains in the nation’s cities and regional centres.

“Although our inquiry has a split focus on cities and regional centres, we cannot consider these different types of settlements as separate or in competition,” Mr Alexander said.

“The development of cities and regional centres is interdependent. We’re looking at how the Australian Government can facilitate stronger transport, economic and social links between the two.”

“Closer relationships between our cities and regional centres will support population rebalancing and improve liveability generally.”

Roundtable participant, Tweed Heads Council echoed this sentiment. The Council said, “many regions are recognised as a resource-base for metropolitan economies, and equally for their natural and cultural heritage assets that serve as a source of creativity, wellbeing and respite for city-dwellers”.

“Development programs can recognise and build on current and potential specialisation roles of regional areas, not to compete with, but to support the resourcing and value sharing of growing cities.”

Public hearing details: 9.00 am – 2.30 pm, Friday, 29 September 2017, Speaker’s Hall, lvl 4, Parliamentary Annexe, Alice Street, Brisbane

9.00 am:
Property Council Queensland
Floth Sustainable Building Consultants
Mr Warren Rowe, Planner in Residence, University of Queensland
Professor Paul Burton, Griffith University
Associate Professor Matthew Burke, Griffith University

10.50 am: 
Professor Marcus Foth, Urban Informatics, Queensland University of Technology
Dr Jaz Hee-jeong Choi, Urban Informatics, Queensland University of Technology
Smart Cities Council Australia New Zealand
Deloitte Access Economics

1.10 pm:
Tweed Heads Council 
Southern Downs Regional Council

1.50 pm:
Dr Andrew Sharam, RMIT University
Property Collectives

2.30 pm: Close

Further information on the inquiry, including the full terms of reference, is available on the Committee website.

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

Interested members of the public may wish to track the inquiry via the Committee’s website.

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Power costs are switching off growth: resource chiefs

THE  Queensland Resources Council’s (QRC) latest quarterly State of the Sector report has found grave industry concerns over the tripling of electricity costs.

QRC Chief Executive Ian Macfarlane said the survey of resource chiefs reaffirms the ongoing need for dispatchable power to balance intermittent sources of energy.

“Unreliable and high-cost power continues to harm the competitiveness of the sector,” Mr Macfarlane said.

“Queensland resource companies have absorbed a three-fold increase in wholesale electricity prices over the last five years. These costs switch off economic growth in our regions.

“The economy needs reliable, dispatchable power at an affordable price. The ideal way to deliver this, and reduce emissions, is to deliver a balanced energy mix.

“Renewable energy clearly has a role in the generation mix to drive down emissions, although it cannot entirely replace the reliability of baseload power. 

www.qrc.org.au

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Mark Sowerby to speak at Queensland Media Club

QUEENSLAND'S first Chief Entrepreneur, Mark Sowerby will be the guest speaker at the Queensland Media Club next Wednesday, 4 October 2017.

Mr Sowerby will give his farewell address and talk about the talent he has seen, the places, spaces and people who are supporting entrepreneurs and the potential impact of the startup sector in Queensland.

His speech will be followed by approximately 15 minutes of question time with members of the Queensland Parliament Media Gallery.

WHAT:

Queensland Media Club luncheon

SPEAKER:

Mr Mark Sowerby
Queensland’s first Chief Entrepreneur

WHERE:

Boulevard Room
Brisbane Convention and Exhibition Centre
Grey Street, South Brisbane

DATE:

Wednesday 4 October 2017

TIME:

12:00pm for 12:30pm (concluding by 2:00pm)


The Queensland Media Club is the official political, business and media forum of the Queensland Parliament Media Gallery.

A catered table has been allocated for working media to attend and ask questions in media style format. Members of the Queensland Parliament Media Gallery have first right of refusal to these seats with the remainder of seats allocated on a first come first served basis. Additional seating will be available for working media to attend but will not be catered.

To register your interest in attending and for further information, please contact:

Emily Anderson
Three Plus
M: 0422 855 862 | T: 07 3167 1200
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

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New strategy to raise international students' awareness of workplace rights

THE Fair Work Ombudsman is reaching out to international students to encourage them to seek free help from the agency if they experience any issues while working in Australia.

The agency has launched a new strategy aimed at raising awareness of workplace rights among international students, who make up a large proportion of temporary entrants to Australia – numbering more than 560,000 as at July 2017.

In an open letter to international students published today, Fair Work Ombudsman Natalie James is encouraging international students to get informed about their workplace rights and, if unsure, seek help.

Ms James has also urged international students to speak up if they have any concerns in relation to their employment, underlining that they have the same workplace rights as all other workers in Australia.

“The number of international students reporting issues to the Fair Work Ombudsman is disproportionately low compared to other categories of visa holders, despite the fact that international students represent a significant proportion of overseas visitors with work rights,” Ms James said.

“We know that international students can be reluctant to speak out when something is wrong, making them particularly vulnerable to exploitation. This is especially the case when students think that seeking assistance will damage future job prospects or lead to the cancellation of their visa.

“We’ve seen cases where employers have threatened international students with deportation for working more than the number of hours permitted under their visa when they have raised questions about their entitlements.

“In some cases these same employers have altered payslips and underpaid hourly rates in order to disguise the number of hours the student has worked,” Ms James said.

“I would like to reassure international students that in line with an agreement between my agency and the Department of Immigration and Border Protection, you can seek our assistance without fear of your visa being cancelled, even if you’ve worked more hours than you should have under your visa.”

The conduct against international students the Fair Work Ombudsman sees is often serious and highly exploitative.

This is reflected by the large percentage of cases the Fair Work Ombudsman files in court that involve one or more international students, despite the low numbers of international students reporting issues to the agency.

Last financial year, 49 per cent of litigations the Fair Work Ombudsman filed in court involved a visa holder – over a third of these involving an international student.

Research commissioned by the Fair Work Ombudsman found that many international students were not aware of their rights under Australian workplace laws and did not know where to go for help.

Some students told researchers they had been subject to intimidation by their employers, who threatened to deport or “blacklist” them for future work if they complained.

“The research showed that when it comes to international students in the Australian workplace, 60 per cent believe that if they report a workplace issue to their employer the situation will either remain the same, or get worse,” Ms James said.

“Our international student strategy focuses on raising international students’ awareness of their workplace rights and letting them know that they can come to the Fair Work Ombudsman for free advice and assistance.

“We know that it can be difficult to understand what is right or wrong at work, or to speak up if you are concerned.

“This is why we are committed to making it as easy as possible for international students to access the help they need,” Ms James said.

Ms James encourages all international students to get informed by visiting the Fair Work Ombudsman website, which has information available in 30 different languages.

Resources available on the website to help workers understand their rights and entitlements include the Pay and Conditions Tool at www.fairwork.gov.au/pay, which can be used to calculate the correct pay rates that apply to their work.

The Fair Work Ombudsman also recently launched its popular Anonymous Report function in 16 languages other than English, enabling non-English speakers to report potential workplace breaches in their own language, without being identified. The tool can be accessed at www.fairwork.gov.au/inlanguageanonymousreport.

The Fair Work Ombudsman’s ‘Record My Hours’ app is aimed at tackling the persistent problem of underpayment of young workers and migrant workers around the country. The app, which equips workers with a record of the time they spend at their workplace by using geofencing technology to register when they arrive at work and when they leave, is available for download from iTunes or Google Play stores.

www.fairwork.gov.au

 

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