THERE HAS been significant misinformation when it comes to accountants’ fees for providing tax advice, according to the Institute of Public Accountants (IPA).

“The figures used are based on a very small sample.  These in themselves do not justify a policy of capping deductions for tax advice,” IPA chief executive officer, Andrew Conway said.

“In addition, if the numbers being bandied around are using aggregated data, they will result in grossly overstated averages for adviser fees for this sample size.

“The ATO data that has been used related to the 2016-17 financial year. The label in the income tax return that makes up these figures includes adviser fees, ATO interest charges and litigation costs," Mr Conway said.

“From 2018 onwards, we will have a proper breakup of the three components. If aggregated figures are being used, then this is misleading the public.

“It is also misinformation to say that only the rich can access tax deductions; these are accessible by all Australians. There are already substantial penalties for advisers doing the wrong thing," he said.

“It is highly inappropriate to have a universal cap for all taxpayers as circumstances differ; a one-size-fits-all is inequitable.

“Our tax system is complex.  Denying deductibility for seeking advice from a trusted adviser is inappropriate,” 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 36,000 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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FOLLOWING the recent national crisis meeting in Fremantle to discuss the ongoing threats to resource access and property rights across the nation, Seafood Industry Australia (SIA), the peak-body representing the Australian seafood industry, has announced membership of its Resource Security Task Force.

“In the face of growing threats to our industry, we have formed the Resource Security Task Force. The Task Force will address the constant erosion of access and the devaluation and destabilisation this brings to the Australian seafood industry,” SIA CEO Jane Lovell said.

“The Task Force will develop a national strategy and actions to promote resource security. Our wild-catch and aquaculture sectors already provide one billion meals a year, and we want to grow this to 1.5 billion meals. The absence of secure access to resources, both aquatic and terrestrial, is a major impediment to the confidence and growth of the Australian seafood industry.

“Improving security is critical to providing an environment that encourages innovation and the confidence to invest and work in our industry," she said.

“We cannot sit back and watch our industry, which supports over 25,000 families, be compromised on an issue as crucial as access to resources.

“With the Federal Election just around the corner, we have grave concerns about Labor’s confirmation they will introduce their 2012 Commonwealth Marine Park Management Plans if elected.

“This will be a massive blow for our industry as we have fought long and hard to see the more balanced approach of the Coalition pass through Federal Parliament.

“We have had enough of the ongoing and widespread government interventions, review and reform processes that bring with them increased uncertainty for the future of our industry, the thousands of Australians who are employed by the industry, and the millions more who enjoy fresh, sustainable, healthy Australian seafood.

“As fishers, our priority is the environment. We will continue to advocate the health, sustainability and future of our ocean and land-based aquaculture activities. It’s our livelihood and the future livelihood of generations to come.

“SIA looks forward to working with governments, the community and industry to establish a strong and productive path forward," Ms Lovell said.

www.seafoodindustryaustralia.com.au

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THE RESULTS of the Suncorp CCIQ Pulse Survey for the March Quarter 2019 are in - and confidence in the Queensland and national economies remains relatively unchanged amidst a backdrop of uncertainty.

Responses reflected a mood of frustration around political and financial considerations weighing on the Queensland economy, a Chamber of Commerce and Industry Queensland (CCIQ) spokesperson said.

"The data analysed indicated that the outcome of the May Federal Election, a potentially more punitive industrial relations framework, elevated costs, tighter margins, coupled with state government frustrations amidst a backdrop of soft operating conditions are key areas of focus for small businesses," the spokesperson said.

Key takeaways from the Pulse report include:

• Business sentiment surrounding both the Queensland and Australian economies remained largely unmoved.
• Over two in five respondents expect weaker economic conditions in the state economy over the next twelve months - which is a weaker outlook a year ago.
• General business conditions have weakened since the December survey, with a greater proportion of small businesses reporting weaker conditions.
• Slight moderation to increases in labour and operating costs.
• More businesses indicated sales and revenues had decreased during the quarter.
• The proportion of businesses reporting a decline in employment levels increased, as did the proportion indicating their intention to invest in new capital expenditures.

The forecasts measurements for the June quarter, while far from elating, tend to reflect the expectation of less pessimistic businesses conditions across each of the forward indices.

www.cciq.com.au

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SYDNEY's ‘micro’ businesses will, for the first time, be recognised as part of the Sydney City region business awards that are now open for nominations.

As part of the 2019 NSW Business Chamber’s business awards program, the ‘excellence in micro business’ category is for businesses with less than five employees that have achieved significant growth in the last financial year.

The City of Sydney is the principal partner of the NSW Business Chamber Business Awards program, committing $80,000 a year for three years to support the program.

Lord Mayor Clover Moore said the city was proud to support local businesses and provide new opportunities for micro enterprises to be recognised.

“These awards celebrate our local businesses’ outstanding achievements, including the new category to promote micro outfits that are helping create a diverse and vibrant economy,” Cr Moore said.

“Small to medium businesses are the powerhouse of our local economy, representing 85 percent of all businesses in our area and contributing nearly $20 billion to the economy. It is wonderful to see these awards embracing even smaller-scale initiatives to help them grow and thrive.

“I encourage city businesses to get involved in this year’s NSW Business Chamber Business Awards program as a fantastic chance to build networks and explore new business opportunities.”  

Local enterprise Winya Indigenous Furniture won the Excellence in Small Business and Excellence in Sustainability awards at last year’s Sydney City region business awards. It was also crowned Business of the Year at the Sydney Town Hall gala event and went on to win the award for Excellence in Workplace Inclusion at the state awards.

Greg Welsh, who founded Winya in 2015 with Deb Barwick, the head of the Indigenous Chamber of Commerce NSW, said the award wins proved a springboard for expansion.

“As a small business, being recognised by winning these prestigious awards has helped broaden our reach, build our presence and create a positive industry buzz,” Mr Welsh said.

“We went on to become the first Australian company to win a United Nations leadership award in the Sustainable Development goals and the first Indigenous business to exhibit at the 2019 Milan Furniture Fair.

“I would definitely encourage business of all sizes to think big, take the leap and get involved – whatever the outcome, it can only be a positive step for your business, your brand and your community.”

NSW Business Chamber CEO, Stephen Cartwright, said the annual business awards recognise and showcase business excellence within NSW.

“The program highlights the dedication and hard work of many business owners and their employees who are providing a product or service and strengthening the economy,” Mr Cartwright said.

“Adding the Excellence in Micro Business category has created a category for smaller businesses to enter without the intimidation of thinking they may not have a shot against businesses with up to 20 employees.”  

The city has supported business awards programs since 2004, and for the first time last year became the Principal Partner of the Sydney City Region of the statewide awards. The city is also the official sponsor for the statewide Excellence in Small Business category.

The annual awards recognise and celebrate businesses across the Sydney local government area, with the winners going on to compete in the NSW awards in November.

Entries are now open and and close on Wednesday, June 17. The winners will be announced at a gala event at Sydney Town Hall on Wednesday,  July 31.

The 2019 awards will recognise outstanding business people and businesses in the following 13 categories:

• · Outstanding Young Employee
• · Outstanding Young Entrepreneur
• · Outstanding Business Leader
• · Excellence in Micro Business
• · Excellence in Small Business
• · Excellence in Business
• · Excellence in Social Enterprise
• · Start Up Superstar
• · Excellence in Innovation
• · Excellence in Sustainability
• · Excellence in Export
• · Outstanding Employer of Choice
• · Local Chamber of Commerce

See cityofsydney.nsw.gov.au/business-awards for Sydney City region business award category details and how to enter.

www.cityofsydney.nsw.gov.au

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