Original article by Robert Gottliebsen
The Australian – Page: 25 : 28-Aug-19
Treasurer Josh Frydenberg has stressed the need for incentives for businesses to invest by reducing taxes and red tape. However, the federal government’s actions are in fact contrary to its stated intentions. Amongst other things, the Coalition proposes to make directors personally liable for their company’s GST payments and empower the Australian Taxation Office to freeze GST refunds. Likewise, the government wants to introduce criminal penalties for making cash payments of $10,000 or more to any company that has an Australian Business Number. While these measures have the worthy aim of cracking down on phoenix companies and the cash economy, the government’s approach to their implementation has been a complete disaster and could ensure its loss at the next election.
AUSTRALIA. DEPT OF THE TREASURY
Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 5-Aug-19
The federal government will announce on 5 August that the Productivity Commission will be asked to examine the approvals process for resource projects. This coincides with the announcement by Ben Morton, the Assistant Minister to the Prime Minister, of his intention to adopt a sector-by-sector approach to abolishing unnecessary regulation. Morton says he expects businesses to pass on any benefits that result from this review to the broader economy.
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ADANI MINING PTY LTD
Original article by Tom McIlroy
The Australian Financial Review – Page: 5 : 31-Jul-19
Business owners who accept large cash payments would face a fine of $25,000 and jail terms of up to two years as part of the federal government’s crackdown on the cash economy. Cash payments will be restricted to $10,000 under the reforms announced in the 2018 Budget. However, KPMG tax partner Grant Wardell-Johnson says the government should consider lowering the threshold over time, suggesting that a limit of $5,000 or even just $2,000 may be appropriate. Tony Greco of the Institute of Public Accountants agrees that reducing the threshold may be justified.
KPMG AUDIT PLC, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, RESERVE BANK OF AUSTRALIA
Original article by Andrew Tillett, Matthew Cranston
The Australian Financial Review – Page: 6 : 25-Jun-19
EnergyAustralia chairman Graham Bradley has welcomed the federal government’s decision to undertake a review of red tape. However, he notes that the regulatory burden on businesses has increased over the last 15 years, despite efforts to address the problem. Bradley has identified the duplication of approval processes between state and federal governments as one of the key contributors to project cost blowouts. Minerals Council of Australia CEO Tania Constable agrees that duplication is a problem, and she stresses the need for better regulation rather than simply more regulation.
ENERGYAUSTRALIA PTY LTD, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BUSINESS COUNCIL OF AUSTRALIA, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY
Original article by Andrew Tillett
The Australian Financial Review – Page: 1 & 4 : 24-Jun-19
Prime Minister Scott Morrison will use a speech on 24 June to signal that the federal government may be open to industrial relations reform. He will stress that any such reforms must be evidence-based and protect the rights and entitlements of workers, and he will urge the business sector to build a case for workplace reforms. Morrison will also commit to a review of regulatory and bureaucratic processes that deter companies from investing in their business, while he will identify changes to the vocational training sector as a priority for the Council of Australian Governments.
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COUNCIL OF AUSTRALIAN GOVERNMENTS, CHAMBER OF COMMERCE AND INDUSTRY OF WESTERN AUSTRALIA (INCORPORATED)
Original article by Andrew Tillett, Matthew Cranston, John Kehoe
The Australian Financial Review – Page: 1 & 4 : 24-Apr-19
Council of Small Business Organisations CEO Peter Strong says industrial relations reform will be essential if the federal government is to achieve its goal of creating 250,000 new small businesses over the next five years. Australian Chamber of Commerce & Industry CEO James Pearson says that in addition to workplace reforms, the government must invest in training and take action to reduce power prices. The Institute of Public Affairs adds that action to reduce the red tape burden is also necessary.
COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, INSTITUTE OF PUBLIC AFFAIRS LIMITED, QUANTUM BUSINESS FINANCE PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET
Original article by Tom McIlroy
The Australian Financial Review – Page: 12 : 16-Aug-18
Keith Swan of KPMG has questioned whether a Federal Government initiative will be effective in combatting the black economy. From mid-2019, companies that tender for federal contracts worth more than $4m will have to provide a statement of tax record from the Australian Taxation Office. Swan says that amongst other things, this requirement could potentially bar companies from tendering if they have had tax disputes with the ATO in the past. He adds that newly-formed companies with no tax history may have a competitive advantage over established rivals.
KPMG AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, THOMSON REUTERS PLC
Original article by Joe Kelly
The Australian – Page: 2 : 8-Jun-18
A new report from the Institute of Public Affairs advocates a range of measures aimed at reducing the compliance burden for the business sector. The report’s co-author, Daniel Wild, says the annual cost of red tape is $A176bn and a major overhaul of the regulatory regime is necessary. Amongst other things, the IPA report calls for sweeping changes to the approvals process for major projects and people who want to start their own business.
INSTITUTE OF PUBLIC AFFAIRS LIMITED
Original article by Brad Thompson
The Australian Financial Review – Page: 3 : 14-Nov-17
Mining magnate Gina Rinehart has expressed concern that the compliance burden and excessive bureaucracy pose a major threat to future investment in Australia’s mining industry and other sectors of the economy. She has called for an overhaul of the nation’s three levels of government, arguing that there is too much duplication of red tape at federal, state and local council level. Rinehart has also urged greater support for National Mining and Related Industries Day, noting that it does not receive the same amount of recognition as National Agriculture Day.
HANCOCK PROSPECTING PTY LTD, NATIONAL FARMERS’ FEDERATION LIMITED, FAIRFAX AGRICULTURAL MEDIA
Original article by Duncan Hughes
The Australian Financial Review – Page: 1 & 4 : 24-Jul-17
Australia loses around $A3 billion a year as a result of companies being reborn, otherwise known as phoenix activity. Losses occur in areas such as taxation, salaries and superannuation payments. A taskforce comprising bodies such as the Australian Taxation Office, the Australian Securities & Investments Commission and the Fair Work Ombudsman has been formed to try to combat the impact of phoenix activities, with advisers who try to encourage business owners to " rebirth" their company one of its main targets. The Black Economy Taskforce, which is investigating the cash economy, is also developing strategies to combat phoenix activities.
AUSTRALIAN TAXATION OFFICE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. FAIR WORK OMBUDSMAN, KPMG AUSTRALIA PTY LTD, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD