THE Queensland Resources Council (QRC) has welcomed the Queensland Investment Corporation’s (QIC) commitment to take a 9.9 percent stake in the Dalrymple Bay Coal Terminal (DBCT) near Mackay.

QRC chief executive Ian Macfarlane said Treasurer Cameron Dick had flagged the proposed investment in DBCT by QIC, the government’s investment arm, prior to the State Election.

“The QIC’s decision to invest in the DBCT is a clear vote of confidence by the State Government in the role of resources in Queensland’s COVID-19 recovery and economic growth for decades to come,” Mr Macfarlane said.

Mr Macfarlane said the QRC had previously sought and received a commitment from the government to provide regulatory certainty for DBCT and the Central Queensland Coal Network, with the independent Queensland Competition Authority to have oversight of both assets as regulated monopolies until 2030 and 2040 respectively.

“The QRC looks forward to continuing to work in partnership with the Palaszczuk Government to develop the resources sector, particularly through the preparation of a Queensland Resources Industry Development Plan that the Treasurer and I announced last month,” Mr Macfarlane said.

“The development of our resources sector is critical for Queensland’s COVID-19 recovery and its longer-term economic growth. 

“Resources is now supporting one in six jobs in Queensland, which equates to the jobs of more than 420,000 men and women, so our sector is critical to Queensland’s economic stability and success.

“The resources industry is also essential to the State continuing to develop its – and frankly the world’s – energy mix including coal, gas, renewables and hydrogen,” he said.

www.qrc.org.au

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FOLLOWING extensive consultation with key stakeholders, the Tax Practitioners Board (TPB) has registered a new BAS services legislative instrument, Tax Agent Services (Specified BAS Services No. 2) Instrument 2020.

The new legislative instrument allows BAS agents to provide an expanded range of services in relation to the superannuation guarantee charge (SGC), including supporting clients in their interactions with the Commissioner of Taxation.

This expansion builds on the services that BAS agents have already been providing under the previous legislative instrument.

TPB chair, Ian Klug said the consultation process revealed a widely supportive response to the expansion of services that BAS agents are now permitted to offer.

"The new legislative instrument provides additional certainty and clarity for BAS agents around the services they are able to offer relating to the superannuation guarantee and SGC," Mr Klug said.

"BAS agents are bound by the Code of Professional Conduct and must not provide the services if they do not have the requisite skills and competency."

Further information about the types of services that BAS agents can provide under the legislative instrument is available in the Explanatory Statement.

BAS agents can find information about available options for them to work with their client to lodge SGC statements at www.ato.gov.au/lodgeandpaySGC

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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THE Accommodation Association has welcomed NSW Premier Gladys Berejiklian’s announcement on the re-opening of the border between NSW and Victoria on November 23.
 
With many of the Association's member hotels struggling this year in the wake of the devastating bushfires and COVID-19, the reopening date will kickstart demand as travellers can begin making plans and booking their holidays. This border announcement will also have a significant economic impact on regional and rural communities.

“The Association welcomes the opening of the border to Victoria by NSW," Accommodation Association CEO Dean Long said. "The return of business from Victoria is vital for the continuing recovery of the NSW accommodation sector, particularly in lieu of the continued closure of international borders.

“Even with these restrictions beginning to finally lift, the future remains challenging for Sydney and Melbourne-based hotels that are reliant on international and corporate travel.
 
“We have been reinforcing to all State and Territory governments that certainty around borders will be critical to the recovery of our sector, and this date is an important step in that recovery process. We need our governments to work together so that when borders open it is managed in a safe and sustainable way that provides long term confidence to travellers so they feel comfortable making bookings again.”

Members have COVID safe plans in place, and are asking holidaymakers to start booking short stays to safeguard hundreds of thousands of Australian accommodation sector jobs.

Victoria is NSW’s largest interstate market representing 15 percent of visitor nights and 16 percent of expenditure into the state. The Accommodation Association represents close to 3,500 hotels, over 150,000 rooms and nearly 100,000 employees across Australia and over 500 operators in Victoria. Accommodation contributes $17 billion to the Australian economy and $1.5 billion to the Victorian economy.

The Accommodation Association

The Accommodation Association represents over 80 percent of all known accommodation providers from small regional parks, caravan parks, serviced apartments and resorts through to the largest hotel groups in the world including Accor, Hilton, Wyndham Destinations and IHG.

www.aaoa.com.au/About-Us/The-Association

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ORD MINNETT (Ords), a leading Australian wealth management group, and E.L. & C. Baillieu, a prominent Australian owned wealth management firm, specialising in stockbroking, private wealth management, corporate finance, institutional equities and in philanthropic services, announced today that they have entered into an agreement for Ord Minnett to acquire 100 percent of E.L. & C. Baillieu.

A spokesperson said the purchase of E.L. & C. Baillieu, with nine locations around Australia including Melbourne as its head office, was a highly welcomed strategic move, further strengthening Ord Minnett as one of Australia’s highly respected and largest independent private wealth firms.

“We felt this acquisition was a strong strategic and cultural fit with Ord Minnett," Ords CEO and managing director Karl Morris said. "The combination of E.L. & C. Baillieu’s brand heritage and history, private stockbroking business, its adviser network, its client-base and operational synergies will cement Ords as a respected Australian wealth brand.

"The scale benefits and self-clearing of the two businesses will allow us to be leaders in financial advice. This new amalgamation can only serve to benefit Australian investors and our clients for many more generations to come. We look forward to working with the E.L. & C. Baillieu team,” Mr Morris said.

Jo Dawson, chair of E.L. & C. Baillieu said, “After running an independent and very successful process which started in June this year, we are delighted to announce the shareholders of E.L. & C. Baillieu have overwhelmingly voted in favour of a transaction with Ord Minnett. The transaction will bring together two of Australia’s longest standing stockbroking firms, and provide many exciting opportunities for our clients and staff.

"Having received strong interest from the stockbroking community, Ord Minnett were determined to be the perfect fit for our business and I believe that the combination of the two firms will position E.L. & C. Baillieu well for the structural changes transforming our industry. Our advisers and staff are looking forward to what will be an exciting time ahead."

Baillieu's head of private wealth, George Deva said, ”The integration of both firms will take place over the next 12 months. Our clients will continue to receive the same high-quality advice and wealth management services which they have come to expect.

E.L. & C. Baillieu will continue to operate under its name, although will now be a wholly owned subsidiary of Ord Minnett.

E.L. & C. Baillieu were advised by Deloitte Corporate Finance and King & Wood Mallesons and Ord Minnett were advised by InterFinancial Corporate Finance and McCullough Robertson.

About E.L. & C. Baillieu

E.L. & C. Baillieu started  in 1889, some five years after the formation of the Stock Exchange of Melbourne. The partnership of E.L. & C. Baillieu traded for almost 100 years until 1986 when the partnership was succeeded by E.L. & C. Baillieu Limited.  E.L. & C. Baillieu today provides stockbroking and wealth management services across private wealth, corporate finance, institutional equities and philanthropy.

www.baillieu.com.au

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