Business News Releases

Auditing the ATO

THETax and Revenue Committee will meet today with the Australian National Audit Office (ANAO) at a public hearing for the inquiry into taxpayer engagement with Australia’s taxation system.

Committee Chair Mr Kevin Hogan MP said the ANAO conducts audits of all Commonwealth entities, companies and their subsidiaries. 

“The Auditor-General not only ensures that each agency’s financial statements fairly reflect the entity’s operation and financial position, but it also reviews the entity’s governance structures for internal audit and fraud control”, Mr Hogan said.

At the hearing, the acting Deputy Auditor-General and staff will discuss forthcoming audits and the results of recent ANAO evaluations of the Australian Taxation Office’s capabilities and strategies to reduce the cash economy and its administration of the Superannuation Guarantee.

Mr Hogan said that, in the wake of a major tax fraud being investigated by the ATO and Australian Federal Police, the Committee will also consider the robustness of ATO regulatory powers and practices to identify black economy traders and collect revenue due as payments systems go electronic.

“The Committee will be keen to hear ANAO opinions about the effectiveness of the ATO’s risk management frameworks for identifying non-compliance, and the challenges posed by the proliferation of digital payment platforms offering global real-time 24/7 payment transfers, not offered by banks”, Mr Hogan said.

Public Hearing details: 4:15pm – 5:30pm, Wednesday 24 May, Committee Room 1R2, Parliament House, Canberra

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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Driverless vehicles inquiry in Canberra today

THIS MORNING in Canberra, the Parliamentary Industry, Innovation, Science and Resources Committee continues its driverless vehicles inquiry by hearing from the Australasian New Car Assessment Program (ANCAP), the Australasian College of Road Safety and the ARC Robotic Futures Research Team.

Committee Chair Michelle Landry MP pointed out that safety issues are central to discussions of driverless vehicles.

“The Committee is looking forward to hearing from two of Australia’s key safety organisations”, Ms Landry said. “Following that session, the Committee will be able to discuss some of the many interesting questions about driverless vehicles raised in the submission from the Robotic Futures Research Team”.

The Committee has recently travelled to Perth, Melbourne and Brisbane for hearings and inspections, and will hold further hearings with key stakeholders in Canberra in May and June.

Public hearing details: 10.45am – 12.15pm, Wednesday 24 May, Committee Room 1R3, Parliament House, Canberra

10.45 – 11.30am: Australasian New Car Assessment Program & Australasian College of Road Safety
11.30am – 12.15pm: ARC Robotic Futures Research Team
12.15pm: 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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Government looks to review measurement labelling laws

THE Australian Government has responded to industry calls to cut red tape around product packaging regulations, with options to change measurement marking placement rules released for public consultation.

Under national trade measurement regulations, markings showing the product’s exact weight or volume must currently appear on the front of packaged products.

The government is seeking feedback on options for reform, including the option allowing the marking to be placed anywhere on products, as part of wider regulatory reforms in this area.

Assistant Minister for Industry, Innovation and Science Craig Laundy invited Australians to have their say on the options paper released today.

“Businesses have told us that the current regulations are too prescriptive and need to be reviewed, and that’s what we are doing,” Mr Laundy said.

“By exploring ways to make it easier for business to operate, while maintaining the checks and balances that the public expect from government, we can start to make a real difference.

“We also know that consumers want safeguards in place to ensure they are getting value for money. This review is a detailed, transparent process to plot the best path forward for both industry and consumers.”

The review is part of the Australian Government’s deregulation agenda and will investigate options including alignment of these regulations with other Australian labelling frameworks. 

The Options Paper is available for feedback until 30 June 2017.

Submissions can be made via https://consult.industry.gov.au/packaging-review-team/review-of-the-nmi-regulations-2009-p4

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Australia Post and the Federal Government partner to improve digital services

AUSTRALIA Post will partner with the Federal Government to develop user-friendly solutions for the public to access government's digital services.

Australia Post will work with the Digital Transformation Agency to integrate its own identity technology into the Commonwealth's Digital Identity Framework.

The partnership will focus on developing a proof of concept to help government agencies enhance how they provide access to services online and over the counter.

Australia Post Managing Director & Group CEO Ahmed Fahour said the partnership reinforces Australia Post's commitment to helping people connect to important government services such as health and community services.

"Our new Digital iD™ platform provides Australians with greater choice and control in how they prove their identity online," Mr Fahour said.

Mr Fahour said there are millions of interactions with government and private sector organisations each year that are time consuming, requiring people to produce at least two or more forms of ID to prove who they are.  

"Our research shows these processes cost the Australian economy up to $11 billion a year in proving identity alone, and can be unlocked by making it easy, safe and secure to prove that you are who you say you are when interacting online," Mr Fahour added.

"We envisage an identity solution, like Digital iD™, could unlock significant benefits for everyday Australians doing business with government."

The Commonwealth's Digital Identity Framework is a set of standards, processes and partnerships to guide the Government's formation of a federated system of identity providers.

www.auspost.com.au

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AIM's 2017 Leadership Excellence nominations open

THE Australian Institute of Management has launched the 28th year of its highly regarded AIM Leadership Excellence Awards (ALEAs).

Nominations and applications for 2017 are now open until 17:00 on 21st July to recognise the extraordinary work of leaders across the nation.

Last year, AIM reported a 46 percent increase in nominations ahead of 2015, with over 1,000 exceptional leaders nominated for an award nationwide. The 2017 ALEAs are expected to be the biggest and most competitive yet, as outstanding Australian leaders are provided an opportunity to highlight their contribution to a community or workplace.

The prestigious awards acknowledge leaders across the following categories:

  • Leader / Manager
  • Owner / Entrepreneur
  • Emerging Leader
  • Not for Profit
  • Student
  • Community Leader
  

                                                                   

AIM’s Chief Executive, David Pich was thrilled that the awards provided a platform to celebrate not only management and leadership excellence, but a genuine contribution to local communities and the nation as a whole.

“The ALEAs provide the recognition for hard work that leaders across the nation have contributed. AIM is committed to helping professionals develop into becoming great leaders, and the ALEAs give us an opportunity to highlight those efforts,” Pich said.

2016 Emerging Leader of the Year, Sports Consultant Paul Mead, highlighted the positive impact of the award on his career progression and business.

“The process from nomination through to the National Final was an amazing experience. It provided me time to reflect on what I had achieved in my business and leadership journey, from my own strengths and weaknesses to highlighting my business’ unique value proposition,” Mead said.

“The award confirmed what my value as a leader is, why I do what I do, how I do it and what I achieve. It has provided further credibility to my personal brand as a leader in my industry and given me an extended network to enable further success,” he continued.

Nominations are now open to recognise a friend or colleague, who has gone above and beyond in their leadership, in a bid for the rest of the country to get behind them too.

To nominate an inspirational leader or manager, visit:

aim.com.au/ALEAs2017

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2017 Australia's Digital Pulse Report to be released at CeBIT by ACS

THE Australian Computer Society (ACS), the professional association for Australia’s ICT sector, is launching the 2017 Australia’s Digital Pulse Report, prepared by Deloitte Access Economics, on Wednesday, May 24 during the CeBIT Conferencefrom 5pm to 7pm at the International Convention Centre (ICC) Darling Harbour, Sydney. 

The contribution of digital technologies to the Australian economy is forecast to grow from $79 billion in 2014 to $139 billion in 2020. 

This years’ Digital Pulse Report highlights the latest data, insights and megatrends on key issues in Australia’s ICT industry and digital economy, including ICT jobs growth, Australia’s ICT skills shift, cybersecurity and the economic policies needed to support and accelerate Australia’s digital transition. 

The event will discuss the Report’s major themes, and feature a panel discussion with influential voicesincluding, Angus Taylor MP, Assistant Minister for Cities and Digital Transformation, John O’Mahony, Deloitte Access Economics, NickO’Donnell, Director of Public Policy and Government Affairs, LinkedIn Australia, New Zealand and Southeast Asia, and Michelle Price, Chief Operating Officer, Australian Cyber Security Growth Network. 

The event is held during the CeBIT Conference.  

Event details: 

What:             ACS Australia’s Digital Pulse Report 2017 Launch

When:             Wednesday, 24 May 2017

Time:              5.00pm – 7.00pm

                      Registration opens 5pm, followed by pre-drinks and canapés from 5pm – 6pm

                                    Launch of Digital Pulse 2017 starts at 6pm

Venue:                        ICC, Main Showroom Floor, 14 Darling St, Sydney, NSW 2009

Speakers:       Andrew Johnson – ACS CEO

                      Anthony Wong – ACS President

                      John O’Mahony – Partner Deloitte Access Economics

                      Nick O’Donnell – Director of Public Policy and Government Affairs, LinkedIn Australia, New Zealand and Southeast Asia

                     Angus Taylor MP – Assistant Minister for Cities and Digital Transformation (video link)

                     Michelle Price – Chief Operating Officer, Australian Cyber Security Growth Network

 

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'WannaCry' ransomware spreads like wildfire, attacks 74 countries says McAfee

By McAfee's   >>

TODAY (May 12, 2017), a ransomware attack has emerged that is worthy of tears.

WannaCry ransomware has hit the scene, spreading like wildfire across 74 countries and conducting more than 45,000 attacks, including a massive takedown of 16 UK NHS medical centres in just one day.

Other major countries impacted include Spain, Russia, Ukraine, India, China, Italy, and Egypt.

Now, how is this massive attack possible?

Our experts say the ransomware attack exploits the Server Message Block (SMB) critical vulnerability – also known as the Equation Group’s ETERNALBLUE exploit, part of the FuzzBunch toolkit released by Shadow Brokers a couple of weeks ago.

Basically, the attacker can use just one exploit to gain remote access into a system. Once access is gained, the cybercriminal then encrypts data with a file extension “.WCRY.” Not to mention, the decypter tool used can hit users in multiple countries at once, and translate its ransom note to the appropriate language for that country.

The ransom is said to demand $300 to decrypt the files.

The good news is, consumers don’t have to worry about this attack affecting their personal data, as it leverages a flaw within the way organizations’ networks allow devices to talk to each other.

However, this attack does act a reminder for consumers to prepare for a personal ransomware attack. In order to stay prepared and keep your personal data secure, follow these tips:

Back up your files. Always make sure your files are backed up. That way, if they become compromised in a ransomware attack, you can wipe your disk drive clean and restore the data from the backup.

Update your devices. There are a few lessons to take away from WannaCry, but making sure your operating system is up-to-date needs to be near the top of the list. The reason is simple: nearly every software update contains security improvements that help secure your computer and removes the means for ransomware variants to infect a device.

And, of course, stay on top of the latest consumer and mobile security threats by following me and @McAfee_Home on Twitter, and ‘Like’ us on Facebook.

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AMMA congratulates Andrew and Nicola Forrest on record-breaking generosity

AMMA chief executive Steve Knott has congratulated mining identity Andrew 'Twiggy' Forrest and his wife Nicola on their overwhelmingly generous philanthropic donation of $400 million.
 
Continuing the Forrests’ many years of exceptional philanthropy, the record-breaking donation will reportedly fund a number of important social and scientific causes, including cancer research, equality, higher education and ending ‘modern-day’ slavery.
 
“Andrew Forrest, through his kindness, entrepreneurial spirit and achievements, has been an inspiration to the international resource community for many years,” Mr Knott said.
 
“He’s often had to push against the odds in the initiatives and ventures he’s been involved in, showing great resolve and determination. History shows he’s been incredibly successful and should be commended for that.
 
“Andrew has been a wonderful ambassador for the resources sector and instrumental in providing Aboriginal people with sustainable employment and business opportunities through initiatives including the VTEC training centres, Generation One and ‘A Billion Opportunities’.
 
“Today’s remarkably selfless donation is yet another example of Andrew’s leadership and kindness that will change the lives of thousands of people, helping to fight a number of immensely worthwhile causes.
 
“On behalf of AMMA and the resources community, domestically and internationally, I congratulate Andrew and Nicola Forrest on their incredible act of kindness and generosity.”

www.amma.org.au

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Instant asset write-off saved in the nick of time - IPA

THE Institute of Public Accountants (IPA) has welcomed the Government’s decision to extend the $20,000 instant asset write-off for small businesses for the next 12 months. 

The definition of small business has gone from a turnover of $2 million to $10 million effective from 1 July 2016 so these entities will also benefit from the initiative.

“The IPA has long advocated for the write-off initiative and we are relieved that common sense has prevailed to extend the time period,” said IPA chief executive officer, Andrew Conway.

“If the decision had been to revert the limit to $1,000, it would have been a huge disincentive for many small businesses.

“The increase in the accelerated depreciation write-off threshold to $20,000 has been of great assistance to small business cash flow.

“This initiative is bringing forward the tax deduction that would have been deductible over a number of years.

“The reversion to $1,000 would have had a negative impact on the broader economy as the incentive for small businesses to reinvest in their future would be taken away; restricting potential growth, employment and prosperity.

“A higher instant asset write-off should be a permanent feature of our tax system going forward.  The Henry Review into Australia’s tax system recommended that a higher threshold should apply.

“Small businesses Australia-wide should be very pleased with this outcome; it brings an injection of economic growth, giving small businesses the confidence to buy new equipment, reinvest in their operations and grow,” said Mr Conway.

publicaccountants.org.au

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Defence supplies and regional security

AUSTRALIA'S bilateral defence relationship with Japan will be the subject of a public hearing today by the Joint Standing Committee on Treaties.

The Committee is reviewing a proposed agreement for the reciprocal provision of supplies and services between the Australian Defence Force and the Self-Defense Forces of Japan. The Committee will hear evidence from the Department of Defence as the lead agency for the agreement.

Committee Chair Stuart Robert MP explained that the proposed agreement expands the terms of a similar agreement signed in 2010, reflecting changes in Japan’s domestic laws and its more active role in global peace and security.

“Australia’s relationship with Japan is more important than ever as increasing tensions in the Asia‑Pacific risk regional and global security. The Committee will examine the revised terms of this agreement to ensure that it sufficiently enables increasing cooperation between the Australian Defence Force and Self‑Defence Forces of Japan in the face of regional instability”, Mr Robert said.

The Committee will table its report on the proposed Agreement in the Parliament by 9 August 2017.

 

Public hearing details: 11:10am - 12:15pm, Monday 22 May, Committee Room 1R1, Parliament House, Canberra

11:10am: Defence Supplies and Services - Japan; Department of Defence
12:15am: 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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Retailers ready to spoil mum this Mothers Day

THE Australian Retailers Association (ARA) said retailers across Australia are preparing for large crowds this weekend as shoppers enter their doors in search for the perfect Mother’s Day gift.

Russell Zimmerman, Executive Director of the ARA said Mother’s Day is one of the biggest trading events of the year, with Australians spending close to $2 billion dollars on this special occasion in 2016.

In light of the mediocre retail trade figures for March, ARA is hoping the boost in consumer confidence following the Federal Budget announcement will lead to increased spending on gifts and experiences this Mother’s Day.

“For many Australians, Mother’s Day is a day to celebrate the special women in their lives, whether that be their own mother, grandmother or the mother of their children,” Mr Zimmerman said.

“Mother’s Day is a gift giving celebration as many shoppers enjoy spoiling their mums on this day with flowers, jewellery and a lavish night out.”

With many Australians feeling especially generous in the lead up to Mother’s Day, the ARA believe specific retail categories will receive a significant boost in sales this weekend.

“Florists, fashion retailers, jewellery stores, confectionary merchants, restaurants, cafés, online gifts and experience retailers will receive the most engagement this weekend,” Mr Zimmerman said.

“In fact, restaurants and cafés are often booked out well in advance for Mother’s Day as we continue to see consumer experience gain more traction during these family focused celebrations.”

With a significant increase in customers choosing to buy experiences over tangible products, ARA expects to see the continuation of the customer behavior trend over the Mother’s Day trading period.

“As consumer values continue to evolve, we will see shoppers increasingly opt for non-traditional gifts and packages to spoil their mums this Mother’s Day.” Mr Zimmerman said.

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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