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Business News Releases

IPA seeks answers over proposed change to SMSF audit cycle

THE Institute of Public Accountants (IPA) is working with Minister Kelly O’Dwyer and the Treasury over the proposed change to the audit cycle of Self-managed Superannuation Funds (SMSFs).

“We need to understand the policy rationale for the proposal to move to three-year cycles for SMSF audits,” said IPA chief executive officer, Andrew Conway.

“How does reducing the audit cycle enhance regulatory oversight and transparency in the SMSF sector?

“We know, that now more than ever, in the financial services space, sunlight is the best disinfectant.  Without an annual SMSF auditor oversight, how will the regulator of the SMSF sector, monitor compliance?

“These issues go far beyond the impact on SMSF auditors and speak to the very confidence and transparency of the SMSF sector. 

“Arguments around compliance costs are myopic at best as trustees are likely to be required to have a three year audit at greater total cost than the current (12 month) review.  Will the unsubstantiated audit cost-saving be worth the significant risks such a measure introduces?” said Mr Conway.

www.publicaccountants.org.au

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Business community welcomes election of Melbourne Lord Mayor, Sally Capp

VICTORIAN Chamber of Commerce and Industry chief executive Mark Stone has congratulated newly elected Lord Mayor Sally Capp on her win in the City of Melbourne by-election.

Mr Stone said the interests of business had featured strongly in the by-election campaign so it was no surprise that a pro-business candidate could capture the support of so many voters.
 
“Ms Capp is well-known to the business community through her previous senior roles with the Property Council of Victoria and the Victorian Chamber of Commerce and Industry.
 
“Melbourne’s business community will be looking to Ms Capp’s leadership to keep Melbourne a prosperous place to do business and a great place to live, work and visit,” Mr Stone said.
 
There are 16,000 businesses employing more than 450,000 people within the City of Melbourne area.
 
About the Victorian Chamber of Commerce and Industry

The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

www.victorianchamber.com.au

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VTIC welcomes election of Melbourne Lord Mayor, Sally Capp

THE Victoria Tourism Industry Council (VTIC) is looking forward to working with the City of Melbourne’s new Lord Mayor Sally Capp to enhance Melbourne’s position as Australia’s number one holiday destination for domestic and international visitors.

VTIC acting chief executive Chris Porter has congratulated Ms Capp on her election and said there are many opportunities for the Council and VTIC to work together and continue to grow the City of Melbourne’s visitor economy.

“Each year tens of millions of visitors come to Melbourne, drawn to the mix of experiences on offer to tourists,” Mr Porter said.

“Melbourne is the undisputed culinary, cultural, sporting and events capital of Australia. Each year the tourism industry contributes more than $15 billion into Melbourne’s economy.

“Ms Capp’s business background will help to ensure tourism remains a focus for the Council.

“We will continue to support the City of Melbourne so that our state capital remains a vibrant, attractive and modern city that is the envy of others around the world,” Mr Porter said.

VTIC works closely with the City of Melbourne, as a Corporate Partner, to ensure that visitors to Melbourne have the best experience possible.

ABOUT VTIC

The Victoria Tourism Industry Council (VTIC) is the peak body for Victoria’s tourism and events industry, providing one united industry voice. Tourism and events are growth industries for Victoria and contribute more than $25 billion to the state economy each year and employ more than 214,500 people.

www.vtic.com.au

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AMCS welcomes Brisbane City Council’s ban on straws, balloons and bottles

BRISBANE City Council’s move to ban single-use plastic straws and water bottles and phase out helium balloons from their events is welcome news for marine life said the Australian Marine Conservation Society (AMCS).

“AMCS welcomes the move by the Brisbane City Council to ban these single-use plastics at over 50,000 of their associated events annually. This is a huge step towards reducing marine plastic pollution its impacts on our unique marine life in Moreton Bay,” said James Cordwell, AMCS marine campaigner.

“Plastic pollution has a long and wicked legacy in our oceans, breaking down into smaller and smaller unidentifiable pieces and lasting forever. This pollution flows into places like South-east Queensland’s iconic Moreton Bay. Once it enters the ocean our marine animals are entangled, suffocated and starved by it.

“The banning of these straws, balloons, and plastic water bottles, along with the forthcoming implementation of Queensland’s Plastic Bag Ban and Container Deposit Scheme, are very encouraging steps for Queensland. These are crucial moves to put an end to an era of these highly damaging items from impacting on our marine environment.

“With this announcement, and as stewards of an incredible marine natural heritage, Queenslanders are again proving we can be a national leader in turning the tide against harmful plastic pollution.”

www.marineconservation.org.au

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Inaugural Defence Export Forum meeting

THE FEDERAL Government’s vision of a strong, resilient and internationally competitive Australian defence industry took another step forward yesterday with the inaugural meeting of the Defence Export Forum in Canberra.

The meeting was chaired by the Australian Defence Export Advocate, David Johnston and brought together Commonwealth agencies, state and territory governments, and industry peak bodies.

Defence Industry Minister Christopher Pyne said the states and territories are important partners in achieving the government’s vision for Australian defence industry.

"The Defence Export Forum will help deliver a collaborative approach, allowing us to coordinate export advocacy efforts across all levels of government and industry, minimising duplication of resources,” Minister Pyne said.

The Forum was an important initiative of the Defence Export Strategy released on 29 January 2018, which set out a comprehensive approach to delivering an export system to plan, guide, grow and measure defence exports.

The inaugural meeting follows the opening of the Australian Defence Export Office on 23 April 2018.

Minister Pyne said the opening of the Export Office and the establishment of the Defence Export Forum shows that the government is delivering on what it says.

“We are delivering what Australian defence industry needs to achieve export success, become more sustainable and more internationally competitive, all in support of Australia’s Defence capability,” Minister Pyne said.

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