Business and philanthropists are invited to partner with the Federal Government in an innovative approach to saving our threatened species with the launch of a new prospectus.

The Prospectus is an invitation to business, industry and the philanthropic sector, both big and small, to join us in protecting species such as the platypus, bilby, cassowary and numbat.

The Prospectus includes more than 50 community-based projects that are ready to be put into action.

The project proposals are backed by the science and the passionate local communities who are already on the ground across Australia working hard to save our species.

The prospectus builds on the Government’s links to Australian businesses through the Threatened Species Strategy.

Already BHP Billiton is investing $5.4 million to help save the world’s biggest green turtle hatchery on Raine Island in the Great Barrier Reef, while companies like Google have contributed by building and launching a new mobile app to support citizen scientists to record and track platypuses.

In 2014 the Coalition Government appointed Australia’s first Threatened Species Commissioner and a year later launched the Threatened Species Strategy, a national science-based plan to save our native plants and animals.

Our approach has mobilised more than $210 million in support of threatened species and thanks to almost 1,000 projects across Australia under the Threatened Species Strategy, the futures of many of our animals and plants are more secure.

Trajectories of species like our endangered mountain pygmy possum and critically endangered helmeted honeyeater are already turning around.

Today’s announcement also coincides with an agreement between our very own Taronga Zoo and the San Diego Zoo to exchange two remarkable animals – the Australian platypus and the African Okapi.

San Diego Zoo already has custodianship of four Tasmanian Devils which are raising awareness in the US of this very iconic species plight and Australia’s fight to save them.

A copy of the Prospectus is available via: www.environment.gov.au/biodiversity/threatened/publications/threatened-species-prospectus

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AN INDEPENDENT review of the banking code of conduct has reinforced the findings of Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell’s recent bank inquiry report, which highlighted the need for a code with ‘teeth’, including greater emphasis on small business lending.

The independent review conducted by Phil Khoury, into the Australian Bankers’ Association’s (ABA) Code of Banking Practice, gathered feedback from the sector – including from the ASBFEO – and recommended a variety of changes to ensure greater coverage in the Code for small business customers.

“As a result of our inquiry into small business lending, we are of the view that the Code in its current state, does not provide an adequate framework for the cultivation of a balanced relationship between banks and their small business customers,” Ms Carnell said.

“In our report, released earlier this year, we recommended the Code be revised to include a dedicated section on small businesses; that the revised Code be administered by ASIC; and that it be written in plain English.

“Consistent with our report, Mr Khoury’s review has reinforced these recommendations, along with our proposal to change the definition of small business loans to include facilities worth under $5 million.

“These recommendations – if implemented – will go a long way in addressing the issues highlighted in our report, particularly in relation to access to justice, non-monetary defaults, improved standard form contracts, and more reasonable notice periods.

“The ABA’s current advertising campaign promises to make “banking better” however the proof is in the pudding; it’s now up to the ABA – and the individual banks – to take the recommendations of this review – and of the ASBFEO report – and start putting them into practice.

“Until we see the banks implementing meaningful changes to the way they interact with small business customers, “making banking better” will only ever amount to a catchy marketing slogan,” Ms Carnell said.

www.asbfeo.gov.au

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ASSISTANT  Minister for Trade, Tourism and Investment Keith Pitt will host a seminar in Kununurra on Monday February 20 to help local businesses make the most of Australia’s free trade agreements (FTAs) with Korea, Japan and China.

Local business people are being invited to the free information seminar at the Kununurra Country Club Resort, 47 Coolibah Drive, Kununurra, from 7am to 10am.

Attendees will get the opportunity to hear directly from Australian Government representatives about how FTAs can help them succeed in international markets, and special guest speaker Jim Engelke, General Manager for Kimberley Agricultural Investment (KAI), will share his experience in exporting under the North Asia FTAs.

KAI employs about 70 people in Kununurra and produces grains such as chia, sorghum, corn and quinoa for the Chinese market.

“The Australian Government has secured unprecedented access to more than a billion potential customers for Australian goods and services through our free-trade agreements with Korea, Japan and China,” Mr Pitt said.

“Our North Asia FTAs give Australian exporters a competitive edge in these key markets, boosting opportunities for more sales abroad and more jobs here in Australia. They also lay the foundation for stronger flows of two-way investment.

“I strongly encourage small and medium-business owners in the Kimberley region to attend this FTA seminar and hear first-hand how they can make the most of these landmark agreements.

“The Australian Government is determined to support exporters in regional Australia through these important seminars.”

Attendees can register for the free FTA seminar, which is relevant to all industries, at http://www.austrade.gov.au/ftaseminars or find out more by contacting Austrade (13 28 78 or This email address is being protected from spambots. You need JavaScript enabled to view it.).

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THE SMALL BUSINESS capital gains tax (CGT) concessions are far too complex and eligibility rules need to be simplified, according to the Institute of Public Accountants (IPA).

“Although the rules were subject to a post implementation review by the Board of Tax, the eligibility rules need to be simplified,” said IPA chief executive officer, Andrew Conway.

“Their complexity is partly due to having to deal with multiple business structures and anti-avoidance provisions but there is an opportunity to rationalise and streamline the CGT concessions which was also part of the Henry Review recommendations.

“The four current and separate small business CGT concessions require taxpayers to navigate complex legislation. 

“A number of existing concessions such as the 50 per cent reduction and the 15 year exemption are highly concessional and can eliminate any CGT liability when business owners exit their investment.

“The concessions are generally uncapped and are generous tax concessions which should be repealed.  The savings can be redirected to assist small businesses during more productive times in the business life cycle,

“The concessions reward successful businesses at the end of the business cycle.  Many businesses miss out using these concessions due to the fact that the business sale does not generate goodwill.

“The IPA recommends that these concessions be reviewed and redirected towards the start-up and growth phase of the business to improve the chances of survival.

“The CGT concessions provisions provide windfall gains to successful businesses and are too focused on the end point of the business life cycle.  They can also reduce incentives for business to grow in certain circumstances.

“We support the recommendation by the Henry Review to rationalise and streamline the CGT small business concessions from four separate concessions down to two,” said Mr Conway.

These recommendations form part of the IPA’s pre-Budget submission.  For more information go to: http://bit.ly/2jxoU7L

publicaccountants.org.au

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CHAIR of the Tax Practitioners Board (TPB), Ian Taylor, reminds financial planners and advisers who have not yet registered with the TPB that time is running out to take advantage of the transitional registration option which ends on June 30.

Financial planners and advisers who are providing tax (financial) advice as part of their advice to clients for a fee or reward, must be registered with the TPB as a tax (financial) adviser in order to provide this service legally. This applies to:

• Australian financial services (AFS) licensees 
• authorised representatives (ARs) 
• individual ARs
• corporate authorised representatives (CAR) - where an AR operates through a CAR structure, both will need to be registered
• employee representatives who may be required to be registered for the purpose of a company or partnership having a sufficient number of registered individuals - being registered tax (financial) advisers or tax agents. 

"You currently have two options available to register as a tax (financial) adviser," Mr Taylor said. "These options are transitional registration (only available until 30 June) and standard registration.
 
"You may decide that transitional registration is the best option: transitional registration gives you extra time to satisfy the registration requirements under the standard registration option. This includes individuals meeting qualifications and experience requirements, and companies and partnerships meeting the sufficient number requirement," Mr Taylor said.
 
"To register under the transitional option you must have sufficient experience to be able to provide tax (financial) advice services to a competent standard – which is generally the equivalent of 18 months or longer of full time experience," he said.
 
"If you wish to take advantage of the transitional registration option, it is only available until June 30 this year. After this time all registrations and renewals will need to meet the standard registration requirements."
 
Further detail about the registration options is available on the TPB website www.tpb.gov.au

THE Australian Bankers’ Association (ABA) will join the four major banks at the House of Representatives Standing Committee on Economics’ public hearings in March for the review of the performance of Australia’s banking and financial system.

One of the committee’s focus areas is on how  individual banks and the banking industry as a whole are responding to issues previously raised in Parliamentary and other inquiries, including through the Australian Bankers' Association's April 2016 six point plan to enhance consumer protections and in response to Government reforms and actions by regulators.

The Chair of the committee, Mr David Coleman, MP, stated that ‘these hearings provide an important mechanism to hold the banking sector to account before the Parliament’.

‘As the ABA is charged with addressing numerous issues of concern to consumers, it is important that they are scrutinised by the committee.’

Public Hearing Details:

Public hearing day 1

Friday, 3 March 2017
Committee Room 2R1,
Parliament House, Canberra
NAB - 9.15am to 12.15pm

Public hearing day 2

Tuesday, 7 March 2017
Main Committee Room,
Parliament House, Canberra
CBA - 9.15am to 12.15pm
ANZ - 1.15pm to 4.15pm

Public hearing day 3

Wednesday, 8 March 2017
Main Committee Room,
Parliament House, Canberra
Westpac - 9.15am to 12.15pm
ABA - 1.15pm to 3.15pm

Website: www.aph.gov.au/economics

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THE Australian Retailers Association (ARA) Executive Director, Russell Zimmerman, said today retailers welcomed moves to create consistency across Queensland in shop trading hours.

“Retailers have long bemoaned the inconsistent approach to trading hour zones in Queensland and the move by the Queensland Government to create consistency should be welcomed," Mr Zimmerman said.

While not encompassing all the changes some retailers might want, Mr Zimmerman said this was a significant move by the State Government which would grow many businesses and create jobs in a globally competitive environment.

The opt-in options for the regions, and a five year moratorium on the Queensland Industrial Relations Commission (QIRC) making case-by-case decisions, will remove a very expensive legal barrier for retailers as they no longer have to provide funding to change trading hours.

“Like other States, this means that changes over the next five years will need to be legislative. This subsequently allows customers and retailers to have their say through their elected representatives on changes to be made to trading hours,” Mr Zimmerman said.

The ARA has been in consultation with the Queensland Government via its members and Board members.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $300 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 5,000 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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PARLIAMENT’s Intelligence and Security Committee will hold two public hearings on Thursday for its review of the Telecommunications and Other Legislation Amendment Bill 2016.

The Bill amends the Telecommunications Act 1997 to introduce a regulatory framework to manage national security risks of espionage, sabotage and foreign interference to Australia’s telecommunications networks and facilities. These networks and facilities form the backbone to other critical infrastructure sectors in Australia, such as energy, banking and finance, and are vital to the delivery and support of services such as power, water and health.

The regulatory framework established by the Bill is intended to formalise and strengthen existing industry-Government engagement and encourage early engagement with Government agencies on managing national security risks.

Public hearings will be held as follows:

Thursday 16 February 2017

Committee Room 2R1, Parliament House, Canberra
9.00am to 10.00am: Attorney-General’s Department

Committee Room 1R3, Parliament House, Canberra
4.30pm to 6.00pm: Roundtable hearing with Communications Alliance, Optus, Australian Mobile Telecommunications Association, Australian Industry Group and the Australian Information Industry Association

The hearings will be broadcast live at: http://www.aph.gov.au/live

Further information about the inquiry, including submissions, can be accessed via the Committee’s website at http://www.aph.gov.au/pjcis

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