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Senate Committee report: a slap in the face for young retail employees

THE Australian Retailers Association (ARA) strongly urges the Senate Education and Employment Committee’s recommendations in the Penalty Rates Report be rejected, as the ARA believe the Labor majority on the Committee have no understanding of the Penalty Rates Decision’s positive impact on employment in the retail industry.

ARA Executive Director, Russell Zimmerman said the Committee’s recommendations to overturn the Penalty Rates Decision would severely damage the pathways and opportunities for employees within the retail sector.

“It baffles us how the Labor Members of the Committee want to overturn the Fair Work Commission’s Penalty Rates Decision, as for more than a century the Government have entrusted this expert industrial body to fairly balance the interests of employers and employees” Mr Zimmerman said.

“It should be noted that the current Fair Work Commission was set up by past Prime Minister Julia Gillard, whilst she was Minister for Employment, to be the independent umpire in determining significant employment conditions such as penalty rates.”

“We are extremely shocked that the Labor Members on the Senate Committee did not refer to the ARA for any questions about the Penalty Rates Decision, as we have been the peak body association leading this case and its positive impact on employment within the retail industry.”

The ARA and its members have previously called on all sides of Government to implement the Productivity Commission's recommendations on Penalty Rates and wage agreements to improve efficiency for retailers and employees across the sector.

“As Enterprise Bargaining Agreements (EBA’s) in the retail industry have fallen to drastic levels, the ARA congratulate the Committee in recognising the ineffectiveness of the current EBA system and the Better-off Overall Test (BOOT),” Mr Zimmerman said.

“However, the ARA also note that the Committee has not given any recommendations on how to improve the EBA system andhow to get bargaining back on track.”

The ARA and its members want to see the Productivity Commission's recommendations enacted to create a fairer, more effective EBA system to guarantee a bright and prosperous future for retail employees.

“The current EBA approval system is too inflexible and we urge the Committee to provide a more practical bargaining system for the retail industry and its employees,” Mr Zimmerman said.

The ARA have been the only retail association that has participated in the inquiry, and continues its strong tradition of advocating for wage fairness in the retail industry.

 

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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TPB invites submissions on governance guidance for recognised professional associations

THE Tax Practitioners Board (TPB) is inviting submissions on a draft information sheet which provides recognised professional associations with further guidance on corporate governance, operational procedures and accountability requirements in the Tax Agent Services Regulations 2009 (TASR).

Chair of the TPB, Ian Taylor, said the development of this guidance reflects the TPB’s ongoing commitment to assisting existing recognised professional associations, and associations seeking recognition, to understand and demonstrate they meet their legislative obligations.

"An association that is a TPB ‘recognised professional association’ gives their voting members an additional pathway to meet the tax practitioner registration requirements with the TPB," Mr Taylor said.

"This draft information sheet outlines best practice for associations in demonstrating their processes and structures meet the requirements for recognition under the TASR."

"The draft information sheet is designed to provide these associations with additional support in clarifying the legislative obligations for recognition, adopting a principles-based and pragmatic approach rather than being too prescriptive."

"It is recognised that there is no one-set formula and that concepts of good corporate governance are contemporary in nature and will necessarily evolve over time as an organisation’s legislative environment and community expectations develop," Mr Taylor said.

"While corporate governance, operational procedures and accountability are just some of the requirements that professional associations need to meet for recognition, we have expanded our guidance on these requirements as corporate governance models differ depending on the nature, size and structure of operations," Mr Taylor added.

"Where an association needs to make changes to meet the TPB’s requirements, the TPB appreciates that these changes may take time to implement and, if this is necessary, the TPB will take a pragmatic approach in assessing an association’s ongoing compliance with requirements in the TASR," he said.

"However, we will expect associations to provide undertakings to the TPB that a relevant processes would be in place for the purpose of effecting any relevant changes where required, with the TPB kept informed in relation to progress."

This draft guidance also complements the TPB’s annual declaration process for recognised professional associations. In April 2016, the TPB introduced an annual declaration for recognised professional associations to demonstrate that they continue to meet all of the ongoing eligibility requirements associated with recognition (as set out in the TASR).

"The TPB implemented the annual declaration process to require all recognised professional associations to demonstrate that they continue to meet the ongoing eligibility requirements," Mr Taylor said.

Further information about eligibility requirements for recognised tax agent associations, including examples of the types of evidence that may demonstrate requirements are being met, is available at www.tpb.gov.au/recognised-professional-associations  

The TPB will consider all submissions and may undertake further consultation before finalising the information sheet exposure draft.

The exposure draft is available on the TPB website and the closing date for submissions is Friday 17 November 2017.


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.

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Funding opportunity for Torres Strait fishers

A ONE_TIME funding opportunity is available to help the Torres Strait fishing industry transition to the new mandatory fish receiver system (FRS) to be introduced on 1 December 2017.

Funded by the Australian Fisheries Management Authority (AFMA), fishing associations and groups in the Torres Strait may be eligible for up to $4 000 each to support their members to transition to the new mandatory system.

AFMA’s Torres Strait Manager, Selina Stoute, said the FRS will collect accurate and timely data on commercial catches, meaning catches can be monitored against catch limits, helping to ensure sustainability of fish stocks into the future.

“Moving to a mandatory fish receiver system is a positive shift for the Torres Strait fishing industry, and one which will be made easier by working together with industry and local communities,” Ms Stoute said.

Funds can be used by associations and organisations for a range of activities such as holding meetings to pass on information, purchasing equipment such as measuring scales, and training for members to make the transition to the mandatory system a smooth one.

“Ultimately, it will be up to the associations to develop plans which best suit their individual circumstances and the needs of local fishers” Ms Stoute said.

Funding application forms can be downloaded from the Protected Zone Joint Authority (PZJA) website at pzja.gov.au. Applications must be submitted to AFMA by 30 October 2017.

For more information on the FRS, this one-time funding opportunity or to register your interest in becoming a fish receiver please contact Geoff Diver at AFMA’s Thursday Island office on 07 4069 1990 or This email address is being protected from spambots. You need JavaScript enabled to view it..

The Protected Zone Joint Authority is responsible for management of commercial and traditional fishing in the Australian area of the Torres Strait Protected Zone (TSPZ) and designated adjacent Torres Strait waters, and supports the introduction of the FRS.

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Consultation on reforms to address illegal phoenixing

 

THE Minister for Revenue and Financial Services, the Kelly O'Dwyer MP, today released for public consultation a paper entitled Combatting Illegal Phoenixing.

This consultation is a key step in the Government’s delivery of a comprehensive package of reforms to address illegal phoenixing.

The consultation paper seeks views on proposed reforms to the corporations and tax laws to deter and disrupt the core behaviours of phoenix operators, while minimising any unintended impacts on legitimate businesses and honest restructuring. The proposed changes will assist regulators to better target action against those who repeatedly misuse corporate structures and enable them to take stronger action against those entities and individuals.

“The Government is committed to helping the honest and diligent entrepreneurs who drive Australia’s productivity, but we won’t tolerate those who misuse the corporate framework for their own advantage,” Minister O’Dwyer said.

These reforms will complement other Government action we have already taken, including:

  • instituting the Phoenix, Black Economy and Serious Financial Crime Taskforces;
  • strengthening disciplinary rules for insolvency practitioners;
  • legislating to improve information sharing between key regulatory agencies;
  • reviewing and enhancing ASIC’s powers and enforcement tools;
  • consulting on law reform initiatives to curb the excessive drain on the taxpayer funded Fair Entitlement Guarantee scheme, which covers employees’ entitlements left outstanding as a result of failed business enterprises;
  • improving the collection of GST on new residential premises and residential subdivision transactions from 1 July 2018.
  • phasing in near real time reporting by employers of payroll and superannuation information to the ATO through the single touch payroll reporting framework, giving the ATO improved visibility over employers’ compliance with their tax obligations including the superannuation guarantee;
  • consulting on a register of beneficial ownership for companies, to be made available to key regulators for enforcement purposes; and
  • developing and improving legislation to encourage and protect whistleblowers.

Stakeholders are invited to comment on the consultation paper by lodging a submission online via the Treasury website. Submissions close on 27 October 2017.

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ASIC provides guidance for initial coin offerings

ASIC today released guidance to help issuers of initial coin offerings (ICOs) consider their legal obligations when offering coins or tokens.

ASIC Commissioner John Price said, "We want to ensure innovative firms understand the regulatory framework they may be operating under and ensure they meet any obligations they may have when raising funds in Australia."

ASIC and the Australian Competition and Consumer Commission (ACCC) also jointly warned people of the potential risks of investing in ICOs.

"ICOs are highly speculative investments, are mostly unregulated and the chance of losing your investment is high," ASIC Commissioner John Price said. "Consumers should understand the risks involved, including the potential for these products to be scams, before investing."

Information sheet 225 provides guidance about the potential application of the Corporations Act 2001 to businesses that are considering raising funds through an initial coin offering.

ASIC's MoneySmart website has also published guidance for investors on the risks of investing in initial coin offerings.

Background

ASIC is focused on the vital role that innovative businesses are playing in re-shaping financial services and capital markets. In addition to developing guidance about how these new developments fit into our regulatory framework, in 2015, ASIC launched its Innovation Hub to help fintechs navigate the regulatory framework without compromising investor and financial consumer trust and confidence.

The Innovation Hub provides the opportunity for entrepreneurs to understand how regulation might impact on them. It is also helping ASIC to monitor and understand fintech developments.

Innovative businesses can contact the ASIC's Innovation Hub for assistance in understanding the regulatory framework.

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