Business News Releases

Government reforms drive TPB's goals and focus for 2021-22

THE Tax Practitioners Board (TPB) today launched its Corporate Plan for 2021-22, outlining its strategic objectives, goals and focus areas for the year.

To fulfil its purpose of ensuring tax practitioner services are provided to the public in accordance with appropriate ethical and professional conduct, and to prepare for the future, the TPB has set out three strategic objectives for the year: 1. Efficient registration of tax practitioners; 2. Effective compliance through education, deterrence and sanctions; and 3. Innovation and preparation for the future.

The TPB’s goals and objectives for the year have been influenced by the Federal Government’s response to the Review of the Tax Practitioners Board.

In his introductory message, the TPB chair Ian Klug AM said, "The review’s recommendations and the government’s response will result in a more effective and independent TPB, which will, in turn, enhance community confidence in our work and the tax profession.

"The TPB will continue to maintain and uphold the integrity of the tax system more broadly. This role will be enhanced by the modernisation of our enabling legislation and better alignment of our purpose and objectives with our current role, responsibilities and expectations."

Mr Klug said in addition to its own improvements, the TPB would work with fellow regulators using data-driven strategies to target high risk tax practitioners.

"This will improve the professional standards of the tax profession by investigating, sanctioning and terminating the registration of targeted high-risk tax practitioners who drive tax avoidance and evasion, create a reputational risk for the tax practitioner profession, and reduce community confidence in the integrity of the tax system," he said.

Mr Klug also said the TPB would continue to support the government’s broader financial services reforms as they implement improvements to reduce red tape and establish a single disciplinary body for the regulation of financial advisers.

The TPB Corporate Plan 2021-22 is available on the TPB website.

www.tpb.gov.au

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. Twitter @TPB_gov_au, Facebook and LinkedIn.

 

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Public Accounts Committee reviews use of alternative financing mechanisms

THE Joint Committee of Public Accounts and Audit (JCPAA) has commenced an inquiry into the use of alternative financing mechanisms in government expenditure, such as equity investments, loans and guarantees.

Committee Chair Lucy Wicks MP noted that the inquiry would focus on reporting in the Budget papers on programs funded through alternative approaches; reasons for programs being funded through alternative approaches; and the costs associated with different policies.

“The committee will have particular regard to the issues raised in Parliamentary Budget Office Report No. 01/2020, Alternative Financing of Government Policies,” Ms Wicks said.

The committee invites submissions to the inquiry that address the terms of reference. Public hearings will be held in the coming months.

 

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Accommodation Association welcomes Victorian Government rent relief scheme

PEAK INDUSTRY body, the Accommodation Association, today welcomed the Victorian Government Commercial Tenancy Relief Scheme (CTRS), and encouraged all States and Territories to provide similar support.

With hotels across Victoria continuing to mitigate the impact of successive lockdowns on both their business operations and staff, the measures provide some hope in the face of flatlining consumer confidence.

Announced by Small Business Minister Jaala Pulford and passed last night, the Commercial Tenancy Relief Act 2021 includes some key changes from the previous scheme which take into account the absence of Jobkeeper, and will provide support to small businesses with a turnover under $50 million that have suffered a decline of at least 30 percent in turnover.
 
The Scheme will run until January 15, 2022, and will apply retrospectively from July 28, 2021.
 
The Victorian Small Business Commission will receive funding to cover mediation costs between tenants and landlords from reintroducing the CTRS Scheme, which can be accessed for free by both parties.
 
“This new CTRS legislation can’t come soon enough for our struggling Melbourne hotel operators , which can’t begin to fully recover until the Sydney lockdown ends and no one knows when that will be yet," Accommodation Association CEO Dean Long said.

“We sincerely thank the Victorian Government and Minister Pulford for recognising the need to support businesses hanging on by a thread. Right now I know there are hotels and staff in Melbourne reliant on international and corporate travel out of Sydney that are effectively operating blindfolded, with no clear pathway forward.

“That’s why it’s critical the CTRS runs into 2022, as it recognises the need to support businesses impacted by lockdowns into next year. Snap lockdowns do not include a snap recovery, it will takes month for hotels to rebuild.

“While this legislation is a step in the right direction for our sector that needs to be mirrored across Australia, our hotels still desperately need a support measure which safeguards our staff and the businesses that employ them," Mr Long said.
 
"When borders reopen the accommodation sector will provide a key pillar our national tourism sector can use to rebuild, but governments must recognise our industry needs help to ensure we keep our staff engaged until then.”

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Committee launches review into the Foreign Influence Transparency Scheme

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has commenced its review into the operation, effectiveness and implications of the Foreign Influence Transparency Scheme Act 2018.

The Foreign Influence Transparency Scheme was introduced in 2018 with the purpose of bringing transparency to activities undertaken on behalf of foreign principals, particularly where those activities are intended to influence Australian political and governmental systems and processes. The Scheme also imposes obligations on former politicians and senior officials, and criminal penalties apply to those who fail to comply with the requirements of the Scheme.

The Committee requests submissions to the inquiry by Monday, November 29, 2021.

Prospective submitters are being advised that any submission to the committee’s inquiry must be prepared solely for the inquiry and should not be published prior to being accepted by the committee.

Further information about making a submission to a committee inquiry can be found at this link.

Further information on the inquiry can be obtained from the committee’s website.

 

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Parliamentary Committee recommends three new warrant powers to help fight online crimes

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has recommended the Parliament pass three new warrant powers to help law enforcement agencies combat online crime, with amendments.

In its Advisory report on the Surveillance Legislation Amendment (Identify and Disrupt) Bill 2020 tabled late Thursday, the PJCIS made 34 recommendations in relation to the Bill, including recommendations to improve oversight and accountability of intelligence functions.

The three new powers are:

  • a data disruption warrant which enables the AFP and the ACIC to access data on one or more computers and perform disruption activities for the purpose of frustrating the commission of criminal activity;
  • a network activity warrant to enable the AFP and the ACIC to collect intelligence on criminal networks operating online; and
  • an account takeover warrant to allow AFP and the ACIC to takeover a person's online account for the purposes of gathering evidence of criminal activity.

The Bill has been introduced in response to growing technological advancement that challenges the ability of our law enforcement and intelligence bodies to combat serious human trafficking, drug crime, child sexual abuse and terrorism.

Chair of the Committee, Senator James Paterson said, “It is no exaggeration to state that, particularly during the COVID pandemic, online crime has reached an all-time high. Evidence from the AFP Commissioner Reece Kershaw informed the committee that the AFP had seen a worrying rise in traffic to the dark web, including 168 percent more child abuse material and identified during the first quarter of 2020 as opposed to the same period in 2019.

“The new warrants will give our law enforcement agencies effective powers to enable swift and decisive action against the rising challenge of serious online crime,” Sen. Paterson said.

“However the committee also recommends increased oversight, more prescription in the offences the warrants are able to target and a more robust authorisation process for the warrants to give the community confidence they will only used for their intended purpose."

Further information on the inquiry as well as a copy of the report can be obtained from the Committee’s website.

 

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Victorian business support will help financially but not mentally says Employsure

THE EMOTIONAL toll of reopening a business, only to have it close due to another lockdown, is adding to the stress of employers who are uncertain of what the future holds for them.

Victoria is now in its sixth lockdown - the third since the end of May. While the recently announced small business relief package is helping some financially, it’s the mental health of employers that is feeling the true impact of repeated lockdowns.

Employsure, an Australia workplace relations advisor, has seen an increase in calls to its employer advice line over the past three months from employers concerned on how restrictions are impacting their business.

“We’ve seen a dramatic 67 percent rise in mental and physical health and safety related calls over this time period from employers struggling to hold their business together, even with the financial support they’re receiving,” Employsure employment relations specialist Nicholas Hackenberg said.

“There’s also been a similar 66 percent increase in calls related to employee absence, a 26 percent rise in entitlement queries, as well as a sharp rise in terminations from heartbroken employers who simply can no longer afford to keep their staff on their books.

“Employers across the state have now been placed into a world of uncertainty for a sixth time and will again sadly be feeling the all too familiar sense of anxiety and stress.”

Employers over the coming days should plan for the worst and hope for the best, according to Mr Hackenberg. He said going into cash preservation mode could be more important now than ever before, especially in a post-JobKeeper world. Employers need to assess what costs can be fairly cut, and make changes to protect their cash flow. They should also consider their options for retaining, standing down, or making staff redundant during the lockdown.

Those working from home will also be feeling the pinch of lockdown, Mr Hackenberg said.

To support staff, employers should regularly check in on them to identify any issues that might impede their work, he said. Because everyday encounters with colleagues do not happen spontaneously with those working from home, employers should urge their employees to reach out to their peers to maintain a social connection.

Staying connected not only helps reduce stress and the feeling of isolation but it can boost productivity. It also helps employees communicate with their manager and team to keep them informed of what project they are working on.

To keep better track of employees, business owners should use employee management software such as BrightHR to manage sickness, rosters, work locations and all other sensitive information and documents, he suggested.

“Some businesses are resilient and managed to effectively pivot operations where applicable. For others however, a sixth lockdown could be the final nail in the coffin,” Mr Hackenberg said.

“The cost of running a business is far greater than what financial support could ever offer. While lockdowns are needed until our vaccination rate improves, unfortunately we’re going to see more unnecessary closures from emotionally drained employers who simply can no longer cope.”

www.employsure.com.au

 

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RBA Governor to appear before House Economics Committee

THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Philip Lowe, on Friday, August 6, 2021. The RBA last appeared before the committee in February.

Committee Chair, Tim Wilson MP, said, "There have been few times when monetary policy has been more consequential for the Australian economy.

"The committee will be scrutinising the RBA’s measures in response to the COVID‑19 pandemic, particularly the move to implement quantitative easing, and how these measures will help the Australian economy recover.

"The decisions the RBA make have an impact on everyone. Cheap easy money is pushing up asset prices, causing skyrocketing housing costs.

"The dream of home ownership is rapidly moving further and further out of reach for many Australians. There needs to be scrutiny of the consequences of the RBA’s decisions." Mr Wilson said.

The committee will also be scrutinising the RBA’s response to the recent COVID outbreaks and lockdowns in Australia’s cities.

"The current outbreaks and lockdowns are hitting Australian households and businesses hard and threatening Australia’s economic recovery. The committee is interested in the RBA’s views on how these outbreaks will impact Australia’s economic recovery," Mr Wilson said.

Public hearing details

Committee: House of Representatives Economics Committee
Venue: Main Committee Room
Date:​Friday, 6 August 2021
Time: 9.30am to 12.30pm

Due to health and safety concerns relating to the COVID-19 pandemic, these hearings are not currently scheduled to be open for public attendance. The hearing will be broadcast live at aph.gov.au/live.

 

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Mental health and suicide prevention August hearings

THE House Select Committee on Mental Health and Suicide Prevention has announced the dates for its August public hearings with a range of health and allied health stakeholders. Due to ongoing COVID-19 restrictions, these hearings will be held via videoconference.

Public hearing details

Date: Friday 6 August 2021
Time: 9am to 2:40pm AEST

Date: Thursday 12 August 2021
Time: 10am to 12pm AEST

The public hearing programs will be available on the Committee website. Due to the public hearings being held by videoconference, public access will be available via the live broadcast at aph.gov.au/live.

The committee is unable to intervene or provide advice in relation to individual circumstances.

People in need of help should contact one of the services below:

Lifeline Australia 13 11 14

BeyondBlue 1300 224 636

Suicide Call Back 1300 659 467

eheadspace 1800 650 890

Kids Help Line 1800 551 800

 

Regional communities to benefit from resources-backed vaccination roll-out

QUEENSLAND resources companies are putting their hands up to help roll out Covid-19 vaccinations in regional communities once vaccine supplies increase to a sufficient level.

The Queensland Resources Council (QRC) has been working with the Queensland and Australian governments, OQVOC (Office of the Queensland Vaccine Operations Coordinator), Minerals Council of Australia (MCA) and the Australian Petroleum Production and Exploration Association (APPEA) to determine how members can help with transport, logistics, facilities and medical staff to fast-track a regional vaccination program.

QRC chief executive Ian Macfarlane said any regional vaccination program must offer Covid-19 vaccinations to people living in resources communities, and not just resources workers.

“The QRC said from the outset the resources sector will support government in any way we can to get people in regional areas vaccinated, whether they live in a regional area or work for a resources company,” he said.

“We’re all in this together, and we’ll get through this together.

“Our companies want everyone to be able to access vaccinations as soon as possible, whether it’s through local towns, vaccination hubs or on-site programs.”

Mr Macfarlane said the QRC had been gathering information from individual companies about how they could support the roll-out in practical terms once more vaccines become available.

“We will continue working with the State Government, Queensland Health’s Primary Health Networks and Hospitals, OQVOC, state-based vaccine delivery authorities and local councils to give regional Queenslanders faster access to vaccinations,” he said.

“Right through the Covid crisis, the health and safety of our employees and the regional communities in which we operate has always been our top priority.

“If we can go a step further to safeguard regional Queenslanders by supporting a regional vaccination roll-out, resources companies will do what they can to help out.”

 

About the QRC

The QRC is Queensland’s peak body for coal, metal and gas explorers, producers and suppliers across the resources sector. It contributes $1 in every $5 dollars to the state economy, supports one in six Queensland jobs, supports more than 15,000 businesses and contributes to more than 1,200 community organisations – all from 0.1 percent of Queensland’s land mass.

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Committee to scrutinise $98.9 million in public works

A MAJOR environmental project on Christmas Island and a National Collections Building in Canberra will be reviewed by the Parliamentary Standing Committee on Public Works when it conducts two public hearings into the two separate projects on Friday, August 6, 2021.

The first hearing will scrutinise a $28.9 million proposal from the Department of Infrastructure, Transport, Regional Development and Communications, to install fit-for-purpose stormwater, landslide and rockfall mitigation works on Christmas Island.

Public hearing details

Date: Friday, 6 August 2021
Time: 10am to 11am (AEST)
Location: via teleconference

The second hearing will consider the $70 million proposal from the Commonwealth Scientific and Industrial Research Organisation (CSIRO) to construct a new fit-for-purpose National Collections Building at the Black Mountain Science and Innovation Park in the ACT.

Public hearing details

Date: Friday, 6 August 2021
Time: 2.30pm to 3.25pm (AEST)
Location: via teleconference

Both hearings will be broadcast live at aph.gov.au/live

The Parliamentary Standing Committee on Public Works is not involved in the tendering process, awarding of contracts or details of the proposed works. Inquiries on these matters should be addressed to the relevant Commonwealth entities.

New governance forum paves way for implementing Tax Practitioners Board reforms 

THE independent review of the Tax Practitioners Board (TPB) and the Tax Agent Services Act 2009 (TASA) recommended a new governance forum to consult tax practitioners on significant legislative changes, including the Code of Professional Conduct. The Federal Government supported this recommendation in its response to the review.

To implement this recommendation, the Tax Practitioner Governance and Standards Forum (TPGSF) was recently established. The TPGSF is co-chaired by the TPB Chair and CPA Australia, and includes representatives from professional associations, the TPB, the Australian Taxation Office and the Professional Standards Council.

The TPB chair, Ian Klug said, "The establishment of this forum is an important step in implementing the various TPB and TASA reforms supported by the government.

"This forum is a new platform for the TPB to hear from practitioners and associations about the impact of new policy and standards upon their industry and we look forward to working with our co-chair and other members of the forum."

The TPGSF held its inaugural meeting on July 6, 2021.

Commenting on the inaugural meeting, co-chair Elinor Kasapidis from CPA Australia said, "The inaugural meeting went well with representatives expressing their keen interest to be involved early in the consultation phase of any legislative changes and implementation of administrative measures of the TASA and TPB reforms. The members also endorsed the TPGSF Charter and discussed the key priorities of the forum at this meeting."

A summary of key messages from this inaugural meeting is now available on the TPB website. 

 

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. Twitter @TPB_gov_au, Facebook and LinkedIn

 

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MANSFIELD QLD 4122