THE Joint Standing Committee on Treaties has tabled a report on nine proposed treaty actions.

Committee Chair Dave Sharma MP says that the treaties cover a wide range of subjects from oil stocks to air services, as well as trade in wine. The report also includes the Committee’s review of the double taxation treaty with Israel, which adds to Australia’s pre‑existing network of 44 tax treaties.

"While wide ranging, each of the treaties are beneficial and present opportunities that are within Australia’s national interest," Mr Sharma said.

"The double taxation treaty with Israel will make it easier to do business between the two countries. This will bring our nations closer together, supporting increased commercial trade, investment and innovation."

In particular, the report includes a treaty extending protections for Australians in the Netherlands investigating the downing of MH17. Mr Sharma stated, "The Committee welcomes the implementation of more permanent arrangements to assist Australia’s pursuit of accountability and justice for the victims and their loved ones."

"This agreement reflects our commitment to justice over the downing of Malaysian Airlines flight MH17. Our two countries will continue to work shoulder to shoulder on this for as long as it takes."

Further information on the treaties and the final report can be obtained from the Committee’s website.

ends

TAX Practitioners Board (TPB) chair, Ian Klug AM, has released the 2018-19 annual report, highlighting a significant change in senior management, and a dramatic spike in compliance action in the past 12 months.

"During 2018-19 there have been changes to the composition of the Board, the appointment of a new CEO, and significant resetting of our strategic objectives," Mr Klug said. 

As part of these changes, our compliance program had a dedicated focus on identifying and investigating those tax practitioners and unregistered agents posing the highest risks to the integrity of the profession and the tax system.

Mr Klug said this focus delivered the following results (when compared to the previous year):

• the number of total sanctions rose from 287 to 749 (161% increase)
• the number of terminations increased from 24 to 74 (208% increase)
• the number of written cautions increased from 182 to 540 (197% increase).

The year also saw increased collaboration between the TPB and other government agencies with a 63 percent increase in the number of referrals from the ATO to the TPB (196 compared to 120).

With the ATO, the TPB launched a joint strategy to address the outstanding personal tax obligations of almost 8,000 tax practitioners, reducing outstanding debt by around $37 million and securing over 6,600 lodgements. During this period the TPB also contributed to the Black Economy Taskforce, actioning 20 referrals from the ATO or other agencies for matters representing black economy behaviours.

Its proactive compliance program also saw the TPB auditing 1,288 tax practitioners, randomly selected for a review of their continuing professional education (CPE) responsibilities to ensure they maintain the knowledge and skills relevant to the services they provide the public.

"Most registered tax practitioners take their role seriously in addressing their ongoing professional development, however, over 80 practitioners failed these requirements and were subject to cautions and sanctions," Mr Klug said.

"The year ahead includes great opportunities for the TPB to improve its services to the public and practitioners by implementing Government reforms arising from the James Review and in our new joint compliance strategy with the ATO.

"This collaboration has a focus on 2,000 higher risk tax advisers, who advise around 2.9 million clients.

"We expect this compliance strategy will support honest practitioners, address tax system integrity and help reduce the tax gap."

Read the TPB Annual Report 2018-19

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. 

ends

THE Royal Commissions into banking, aged care and disability; the celebrity chef wages scandal; and this month’s liquidation of domestic violence charity White Ribbon Australia are just some of the cases that highlight a flaw that is now common and widespread in business – a lack of governance leadership. 

Managing director of Global Governance Initiative, Brad Sherringham, claims a governance knowledge gap at the top of many organisations has flow-on impacts for entire businesses and the communities they serve.

“We’ve seen so many examples in recent years of governance failures – from ethical and systemic problems in big banks to structural problems in small-medium family companies,” he said. “Currently, more than 90 percent of directors and executives have had no governance training, with many citing time and cost as barriers. It’s vital that they are supported to get the skills and confidence they need to govern well if they are going to lead their organisations successfully into the future.”

To address this skills gap, Global Governance Initiative is now providing participants in its online governance training program the opportunity to earn credentials in Driving strategic results, Financial acumen and Professional ethics as part of a Governance Practice credential suite. 

Mr Sherringham claims that practical, outcome-focused training is vital in the current environment where many business owners and leaders are feeling uncertain of their obligations and how to navigate forward.

“While most business owners, directors and executives don’t necessarily have time or the need for a full degree or MBA, many want the knowledge and confidence that a professionally recognised credential brings,” he said. "It's all about ensuring business leaders are supported with the tools they need to act with integrity and knowledge for the greater good."

www.ggi.community

ends

INTERNATIONALLY respected expert in intelligent asset management, Genéne Kleppe, has today launched a new venture set to disrupt how governments and corporations understand, manage and optimise their assets.

Unveiled at the Future Infrastructure Summit in Melbourne, Digital Twinning Australia uses innovative ‘digital twinning’ technology to create interactive 3D digital models of assets such as buildings, mines and civil infrastructure – either new or upgraded – and then provides intelligent asset management through remote monitoring and response.

Increasingly used overseas, digital twinning is beginning to capture the interest of Australian CEOs, COOs and boards for its risk management and cost-saving potential – particularly within the mining, industrials, oil, gas infrastructure and construction industries.

“I’m delighted to bring digital twinning, the world’s most advanced planning and modelling tool, to organisations across Australia,” Ms Kleppe said.

“Digital twinning is a breakthrough technology that has the potential to deliver outstanding returns on investment, including lower maintenance costs, reduced shut down times, requires fewer resources and faster trouble-shooting of critical system incidents.

“Digital twins are dynamic and capable of remote operation, and they enable collaborative decision making, with the ability to recalibrate," she said.

“It’s clear digital twinning is the future for strategic asset management, and first movers – particularly within the mining, industrials, oil, gas infrastructure and construction industries – are already recognising the benefits.”

Together with lead consultant Genéne Kleppe, Digital Twinning Australia employs a team of asset and project managers, supervisors, modellers, engineers, cost analysts and customer journey mappers, as well as a broad professional network of engineers and project managers that can be assembled to take on large corporate briefs.

Ms Kleppe will be delivering a series of presentations on digital twinning at the Future Infrastructure Summit in Melbourne on Wednesday October 23 and in Brisbane on Monday October 28.  She will then join the inaugural Digital Twinning Symposium in Sydney on November 1.