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ASBFEO welcomes NAB's lead on small business contract changes

THE Australian Small Business and Family Enterprise Ombudsman has welcomed the introduction of shorter, plain English loan contracts by National Australia Bank for small business borrowers.

The bank announced yesterday that more than 130,000 Australian business owners would benefit from a complete overhaul of its existing business standard loan form contract.

Ombudsman Kate Carnell said this was a positive step.

“My small business loans inquiry recommended this in December last year and called for implementation by July 2017,” Ms Carnell said.

“It followed unfair contract terms legislation coming into force last November.

“The inquiry report recommended that where a small business had met loan payments and acted lawfully, the bank must not default a loan for any reason.

“The report also said conditions must be removed where banks could unilaterally value existing security assets during the life of a loan; and not invoke financial covenants or catch-all ‘material adverse change’ clauses.

“I applaud NAB for being first off the mark and urge other banks to follow.

“It shouldn’t have taken so long, but we finally have a situation where banks will be treating small business clients as partners and share some of the risk. Currently the contractual relationship is one-sided and unfair.”

The NAB statement says: “The changes come after NAB announced financial indicator covenants will no longer be used in most loan contracts for new and existing small business customers with total business lending of less than $3 million in April 2017.”

However, Ms Carnell said it would be disappointing if changes such as these were not applied by all lenders to loans above $3 million.

“The banks’ own independent expert adviser on the ABA Code of Banking Practice review, the Financial Ombudsman Service and the Government’s response to the Ramsay review on external dispute resolution have all identified a credit facility of at least $5 million is an appropriate threshold,” she said.

“I’ll continue talking to the government, opposition, crossbench MPs and the banks about raising the threshold to $5 million.”

www.asbfeo.gov.au

 

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Logility sponsors the Australasian Supply Chain Institute to promote supply chain excellence across the region

LOGILITY Inc., a provider of collaborative supply chain optimization and advanced retail planning solutions, today announced the company became a corporate sponsor of the Australasian Supply Chain Institute (ASCI).

As a corporate sponsor, Logility is better positioned to provide the vibrant Australasian supply chain community with new opportunities to enrich their supply chain knowledge and learn from the best practices of Logility’s more than 40 years helping to optimize some of the world’s leading supply chains. 

The Australasian region has experienced significant growth that has led to increasingly more complex supply chains. Visibility, efficiency and integrated planning have become crucial for companies to stay ahead of this changing market. Companies across the region have turned to Logility Voyager Solutions to transform these challenges into opportunities for profitable growth. Today’s announcement further strengthens Logility’s commitment to and helping to shape the region’s supply chain of the future.

“Logility will add value to ASCI members with their 40 years’ worth of knowledge on supply chain optimization,” said Dr. Pieter Nagel, CEO, ASCI. “We welcome Logility into our community and look forward to the solutions and programs that can help our members in a time when optimization is key to moving forward.”

“Optimizing supply chain performance is an increasingly vital component of a company’s success in today’s rapidly evolving global market,” said Allan Dow, president, Logility. “Fierce competition, rising customer expectations and volatility in both supply and demand are driving the need for supply chain professionals to employ resilient business processes and advanced planning solutions such as Logility Voyager Solutions to drive more profitable growth and boost efficiencies. Logility is excited to partner with ASCI to help elevate the role of supply chain in the region.”

Under the sponsorship, Logility will provide opportunities for members to explore new educational resources including white papers, eBooks, webinars, and more.

About ASCI

Established in Australia in 1963 as a not for profit organisation, apicsAU, now trading as Australasian Supply Chain Institute (ASCI), facilitates and enables the development and professionalisation of the Australasian Professional Supply Chain Community. ASCI provides formal education programs, site visits, research, industry presentations and peer learning to its members with a range of opportunities to enrich and grow professional supply chain performance and competence. ASCI is a Premier Channel Partner of APICS and offers APICS certification programs in Australia, as well as other international supply chain management certifications. ASCI membership is available to individuals and provides access to educational programs, a network of industry professionals, real-world learning opportunities, resources and social media networks.

About Logility

With more than 1,250 customers worldwide, Logility is a leading provider of collaborative supply chain optimization and advanced retail planning solutions that help small, medium, large, and Fortune 500 companies realize substantial bottom-line results in record time. Logility Voyager Solutions is a complete supply chain management and retail optimization solution that features a performance monitoring architecture and provides supply chain visibility; demand, inventory and replenishment planning; Sales and Operations Planning (S&OP); Integrated Business Planning (IBP); supply and inventory optimization; manufacturing planning and scheduling; retail merchandise planning and allocation; and transportation planning and management. Logility customers include Abercrombie & Fitch, Big Lots, Fender Musical Instruments, Parker Hannifin, Verizon Wireless, and VF Corporation. Logility is a wholly owned subsidiary of American Software, Inc. (NASDAQ: AMSWA), named one of the 100 Most Trustworthy Companies in America by Forbes. For more information about Logility, call 800-762-5207 USA or visit http://www.logility.com.

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Senate Committee report: a slap in the face for young retail employees

THE Australian Retailers Association (ARA) strongly urges the Senate Education and Employment Committee’s recommendations in the Penalty Rates Report be rejected, as the ARA believe the Labor majority on the Committee have no understanding of the Penalty Rates Decision’s positive impact on employment in the retail industry.

ARA Executive Director, Russell Zimmerman said the Committee’s recommendations to overturn the Penalty Rates Decision would severely damage the pathways and opportunities for employees within the retail sector.

“It baffles us how the Labor Members of the Committee want to overturn the Fair Work Commission’s Penalty Rates Decision, as for more than a century the Government have entrusted this expert industrial body to fairly balance the interests of employers and employees” Mr Zimmerman said.

“It should be noted that the current Fair Work Commission was set up by past Prime Minister Julia Gillard, whilst she was Minister for Employment, to be the independent umpire in determining significant employment conditions such as penalty rates.”

“We are extremely shocked that the Labor Members on the Senate Committee did not refer to the ARA for any questions about the Penalty Rates Decision, as we have been the peak body association leading this case and its positive impact on employment within the retail industry.”

The ARA and its members have previously called on all sides of Government to implement the Productivity Commission's recommendations on Penalty Rates and wage agreements to improve efficiency for retailers and employees across the sector.

“As Enterprise Bargaining Agreements (EBA’s) in the retail industry have fallen to drastic levels, the ARA congratulate the Committee in recognising the ineffectiveness of the current EBA system and the Better-off Overall Test (BOOT),” Mr Zimmerman said.

“However, the ARA also note that the Committee has not given any recommendations on how to improve the EBA system andhow to get bargaining back on track.”

The ARA and its members want to see the Productivity Commission's recommendations enacted to create a fairer, more effective EBA system to guarantee a bright and prosperous future for retail employees.

“The current EBA approval system is too inflexible and we urge the Committee to provide a more practical bargaining system for the retail industry and its employees,” Mr Zimmerman said.

The ARA have been the only retail association that has participated in the inquiry, and continues its strong tradition of advocating for wage fairness in the retail industry.

 

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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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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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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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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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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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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