SMALL BUSINESSES emerging from hibernation and ready to make the most of easing COVID restrictions can find the information they need on ASBFEO’s My Business Health web portal.

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell said the My Business Health web portal now features important information for small business owners ready to re-open or ramp up their operations.

“There’s never been a tougher time to be in business and it is understandable if some small business owners are feeling overwhelmed right now,” Ms Carnell said. 

“The pandemic has changed so much in such a short amount of time, small business owners may be finding it difficult to stay on top of their obligations.

“My Business Health is a one-stop-shop for state-by-state information about restrictions and COVID-Safe Plans.

“It includes links to relevant posters and signage for your workplace along with safe workplace checklists and grants available to re-opening small businesses.

“There’s also information on free apps available such as GuestTrack, for those small businesses that need to collect and store customer and visitor contact details in the event of a localised COVID outbreak.

“My Business Health also links through to leading mental health organisations’ resources, such as Beyond Blue’s dedicated coronavirus mental health support service and Ahead for Business," Ms Carnell said.

“As small business owners work around the clock to get back on their feet, they may not realise the toll it’s taking on their mental health.

“Over the coming weeks, it’s important to take time to be kind to yourself – your business depends on you being healthy. Help is available if you need it. Visiting My Business Health is a good place to start.”    

Beyond Blue’s Coronavirus Mental Wellbeing Support Service is now live at coronavirus.beyondblue.org.au

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THE House of Representatives Standing Committee on Economics will scrutinise the financial advice sector at a hearing by videoconference on June 30, 2020, as part of its ongoing review of the four major banks and other financial institutions.

The chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s financial advice sector to account."

"Many Australians turn to financial advisers and mortgage brokers to help them navigate important financial decisions, such as finding the right mortgage or determining how to best invest in and secure their retirement. It is essential that Australians can trust that financial advisers and mortgage brokers are always acting in their client’s best interests, rather than the interests of the adviser or any third parties."

"Given the widespread misconduct in the financial advice sector identified by the Hayne Royal Commission, it is important that financial advisers, mortgage brokers, and those in the industry are held accountable to ensure that they are making the crucial improvements needed to restore trust in the sector."

Public hearing details

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

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THE LATEST Australian Bureau of Statistics (ABS) Overseas Arrivals and Departures results reveal the month Australia’s tourism industry officially flatlined, with an extraordinary 99.7 percent decrease on April 2019, the largest decrease on record.
 
“This is the beginning of what will be a deep and protracted downturn for our export tourism industry and there is absolutely no end in sight,” Australian Tourism Export Council managing director Peter Shelley said of the figures.
 
“COVID has simply decimated our $45 billion export tourism industry which now faces a very difficult future with many businesses unlikely to last the distance while there is so much uncertainty surrounding the reopening of international borders.
 
“While JobKeeper is a critical part of the business survival package in supporting the retention of valuable staff, the commercial challenge of meeting the costs of fixed overheads over 12 months without revenue will be a bridge too far for many.
 
“It’s devastating to see so many small businesses effectively cut down overnight after years of hard yards carving out a profitable business, with many choosing to walk away because the mountain is simply too big to climb for a second time," Mr Shelley said.
 
“While there is some relief for businesses who can connect to domestic tourists, for many tourism businesses who have built their strength on international visitation, the prognosis is dire.”
 
Mr Shelley said ATEC’s survey of export tourism businesses across Australia suggests half of these tourism businesses will fail if borders are not opened in the coming six months.
 
“Domestic tourism simply won't be enough to plug the $45 billion hole left by our international visitors," he said.
 
“While most Australian’s will look to holiday at home for the foreseeable future, it can't be presumed that those people who had international travel plans for 2020 will reinvest that budget toward a domestic trip.
 
“Consumer confidence, employment insecurity and budget priorities will all be major factors in the spending choices of Australians and travel is likely to be one of the discretionary expenses people choose to do without.
 
“These issues, coupled with the business costs of social distancing, will put many thousands of tourism businesses under enormous strain and many will simply choose not to reopen or will quickly fail.
 
“We can see from the ABS data that Australia’s export tourism industry has been a strong and vibrant contributor to the national economy over many years, bringing wealth to regional communities and providing a significant number of jobs - and all of this benefit has now been destroyed.
 
“The Government’s JobKeeper program has helped to support thousands of tourism businesses to hold on.  We know most of them can remain viable once business returns, but in the meantime they will continue to need support.”

www.tourismdrivesgrowth.com.au

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IN THE FIRST agreement of its kind between the Tax Practitioners Board (TPB) and one of its recognised professional associations, a new Memorandum of Understanding (MoU) has been signed with the Financial Planning Association of Australia (FPA).

TPB chair, Ian Klug said the MoU would facilitate information exchange about matters of mutual interest including compliance with the Tax Agent Services Act 2009 (TASA) and the Code of Professional Conduct.

He said that it sets out a clear and practical framework for engagement, cooperation and proactive information-sharing between the two organisations.

"This is our first finalised MoU with a recognised professional association, but we expect more to come as we continue to work closely with other associations to develop similar agreements," Mr Klug said.

"The purpose of this agreement and the others that will follow, is to make it clear that both organisations are committed to working collaboratively for the betterment of the tax profession," he said.

"It also highlights what information we can legally share about registered tax practitioners who are members of the respective association."

The MOU allows for the exchange of information between the TPB and the FPA on issues including:

•  misconduct by registered tax practitioners
•  intelligence, operational matters and de-identified data trends
•  continuing professional education opportunities.

FPA CEO, Dante De Gori said the FPA was honoured to be the first professional association to enter into an MoU with the TPB.

"The FPA has built a strong and close working relationship with the TPB over the past eight years as tax (financial) advisers have integrated into the TPB and we have seen the benefits of a regulator whose primary focus is on the relationship between a professional and their client," he said.

"The FPA has demonstrated a commitment to enforcing and holding members accountable to professional codes of ethics for over 25 years and we welcome the opportunity to work more closely with the TPB on encouraging professional behaviour for the protection of consumers."

Mr Klug said since starting MoU discussions with the FPA earlier this year, the TPB has received several expressions of interest from other recognised professional associations.

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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