THE parliamentary inquiry into the destruction of Indigenous heritage sites at Juukan Gorge will hold three public hearings next week where it will hear from witnesses including the Puutu Kunti Kurrama and Pinikura Aboriginal Corporation (PKKP), Rio Tinto, and the Western Australian (WA) Government.

In its submission, the PKKP Aboriginal Corporation were critical that Rio Tinto had not protected the gorge, despite the PKKP, as well as anthropologists and archaeologists, providing Rio with information on the significance of the Juukan rockshelters.

Following their previous appearance at the inquiry, Rio Tinto has provided additional information to the Committee suggesting that it had held discussions with the PKKP prior to the destruction of the rockshelters and that the significance of the site was well understood by both sides at the time contracts were signed.

The WA Government has also provided additional information to the inquiry, particularly around features of its draft Aboriginal Cultural Heritage Bill and the role of its proposed Local Aboriginal Heritage Services.

Northern Australia Committee Chair Warren Entsch said the upcoming hearings would be a critical juncture in terms of the Committee’s work.

“We are looking forward to hearing from the PKKP to get their perspective on how the tragedy unfolded and what impact it has had on their community," Mr Entsch said.

“One of the key objectives of this inquiry is to look at what needs to change to ensure that Indigenous heritage is better protected in the future. Part of that is really digging into what went wrong at Rio and how it allowed this to happen.

"The other part is about strengthening legislative protection, and so we look forward to hearing what the WA Government is doing to ensure that we never have another situation like the destruction that occurred at the Juukan Gorge," Mr Entsch said.

Public hearing details

Date: Monday, 12 October 2020
Time: 12pm to 3pm AEDT
Location: By videoconference/teleconference

Date: Tuesday 13 October 2020
Time: 11am to 4pm AEDT
Location: by videoconference/ teleconference

Date: Friday 16 October 2020
Time 12pm to 3pm AEDT
Location: by videoconference/teleconference

The hearings will be broadcast live at aph.gov.au/live.  Programs are available on the Committee’s website.

Further details of the inquiry, including terms of reference, can be found on the Committee’s website.

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THE Federal Budget bringing forward Stage 2 of the legislated tax cuts and backdating them to July 1, 2020 is a welcomed boost for the economy and small business says the Institute of Public Accountants (IPA).

IPA chief executive officer, Andrew Conway said the economic benefits of the retrospective component, however, may not translate into ringing cash register sales as soon as Treasury expected.

“The unfortunate news about the retrospective nature of these tax cuts is that they may not be realised by some until the end of the calendar year, which reduces the immediate impact on the economy,” Mr Conway said.

“The ATO is unable to retrospectively deal with the PAYG overpaid for the first quarter of the financial year.  Therefore, many salary and wage earners may not get the ‘backpay’ for the months of July, August and September as instantly as first thought.

“If you take someone who was going to receive the maximum benefit of $2,564, one quarter of this amount ie $641 has already accrued and will not be immediately available to stimulate the economy as intended.

“The ATO has communicated that it will not be adjusting withholding tables to pick up the overpayments.  Doing so could create the scenario where taxpayers find themselves underpaying tax during the year and having a tax debt to deal with when they lodge their annual return. It could potentially lead to another robo-debt situation," he said.

“In any other given year, with a Budget in May, this issue would have been mitigated as the lag time between the end of the financial year and changes to tax tables would have been quite short. In addition, tax table changes are normally adjusted prospectively to start from 1 July of the next financial year, so we are dealing with uncharted waters. 

“Treasury’s ideal scenario is that this money would be out in the economy as soon as possible and being spent so that the sugar hit delivered by the tax cuts was more immediate.  

“We had hoped that single touch payroll may have allowed for the flexibility to deliver the desired outcome. However, this does not seem to be the case," Mr Conway said.

“However, all is not lost. Taxpayers earning income outside of wages and salaries can immediately take advantage of Stage 2 tax cuts by varying down their quarterly instalment in the September BAS which is due on October 28, 2020.  Small business entrepreneurs are mostly unincorporated entities and therefore are also beneficiaries of the Stage 2 tax cuts.

“We are encouraging all our members to vary down PAYG to take advantage of this initiative,” Mr Conway said.

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies. In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 38,000 members and students in over 80 countries. The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants

www.publicaccountants.org.au

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THE CLIMATE COUNCIL has welcomed new modelling showing the economic benefits of the Project EnergyConnect interconnector between South Australia and New South Wales. 

"Not only will South Australian homes and businesses see energy savings when the NSW-SA interconnector is delivered, the transmission line can also unlock thousands of new jobs and economic opportunities," Climate Council CEO Amanda McKenzie said.

"The Climate Council's Clean Jobs Plan shows that 2,500 jobs can be created across South Australia by investing in renewable energy, storage and transmission. 

"This project can cement South Australia as a leader in the energy transition and will accelerate progress towards the state's net 100% renewable energy target, delivering the urgent emissions reductions we need to tackle climate change.

"Households, businesses, workers, and the climate all win when the SA-NSW interconnector goes online. We call on all parties to support this important, job-creating project,” Ms McKenzie said.

SOARING unemployment and wage cuts has seen people increasingly overdrawing on their credit cards, according to Finder, Australia’s most visited comparison site.

A new Finder survey found that 15 percent of credit card holders have gone over their limit during the pandemic – equivalent to more than two million borrowers (2,113,350).

While 8 percent of card holders have paid their debt down under the credit limit,  7 percent are still currently over.

According to the Reserve Bank of Australia, the average credit limit per borrower is $9,892 and there are just over 14 million credit cards in circulation.

Official data shows credit card balances accruing interest dropped during the height of coronavirus (from $1,877 in February to $1,647 in June), yet repayments against those interest accruing balances dropped (from 103% in February to 89% in May).

Kate Browne, personal finance expert at Finder, said some Australians were entering a credit card danger zone.

“Even missing one or two payments can become a slippery slope which can spiral out of control quickly," Ms Browne said. 

“Missing payments not only adds to financial stress but can also impact your credit score. Your credit score is your financial identity and is how lenders view you. If you are missing payments your credit score and your financial credibility can be put at risk. 

“You can keep an eye on your finances and your credit score for free by downloading the Finder app,” Ms Browne said.

The research highlighted that more women (18%) went over the limit on their credit card during the pandemic than men (13%).

One in four millennials (26%) were overdrawn on their credit card at some point during coronavirus, with more than one in 10 (11%) still unable to resolve the issue.

Ms Browne said the true scale of the financial stress experienced by many Aussie adults due to coronavirus is yet to be fully felt.

“In light of proposed changes to responsible lending laws, it will soon be easier than ever for Australians to access credit – which could mean some people accumulating more debt than they can handle," she said.

“The onus will be on borrowers to provide accurate information that shows their true ability to service a loan.

“If you are struggling to make repayments, contact your bank immediately to discuss the options available to you. They may be able to organise a repayment plan to help you get your debt under control.”

Source: Finder, September 2020 survey                                                         

THREE WAYS to keep credit utilisation under control:
 Impose a hard limit on your credit card account. If your provider allows you to spend over your credit limit, let them know that you want to impose a 'hard limit' on your credit card account. This means that once you reach your credit limit, any transaction that would have taken you over the limit will be declined.
 Set up online, mobile or telephone banking. You can download your bank’s app onto your smartphone and monitor your balance at any time. Lenders are required by law to notify you when you're about to exceed your limit. If you have online, mobile or telephone banking set up, your provider can send you a text notification when you're about to exceed your credit limit.
 Make more regular repayments. Even though credit card statements are only issued monthly - you can make weekly or fortnightly payments that could help you pay off debt faster.

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